Will you be able to help your 18-year old in an emergency?
As your child embarks on their journey as an adult, it can be a nerve-wracking transition for everyone involved. It’s natural to worry about their financial security and ability to make legal decisions in adulthood without your input. To help ease the transition into adulthood and provide some extra peace of mind, you may want to consider obtaining a power of attorney package for your new young adult. This package allows them the freedom and responsibility to make legal decisions while still ensuring that any important paperwork is completed correctly. This article provides more information about what types of documents this includes so you can decide if it’s right for your family.
What is a Power of Attorney package for Young Adults and why should you consider it?
Once your child turns 18, you no longer have legal authority over them. As a loving parent, you want to be there for your child no matter where life takes them. But imagine them getting into an accident, falling ill, or running into debt while away at school – and you being unable to speak to banks, doctors, or insurance companies on their behalf. It’s a scary thought. That’s why having critical documents in place, like power of attorneys, is so crucial. Without these, you’ll be unable to fully support your child and advocate for what’s best for them.
These documents serve as a safety net, designating who can make important decisions for your adult child in an emergency or overwhelming situation. Without them, a court-appointed Guardian or Conservator may be chosen and the process can be costly and complicated. By filling out powers of attorney, you can avoid this uncertainty and provide peace of mind for you and your adult child.
How Do I Get Young Adult Powers of Attorney Package?
Contact an estate attorney who can provide you with the forms and the process to make sure everything is handled correctly. Cornerstone Legal provides a Young Adult Power of Attorney (YA POA) package for $250 and we can have an in-person or virtual meeting with the parents and the child.
What if my child attends college out-of-state?
The powers of attorney should reflect that they are governed by the laws of their “home” state. If they are maintaining a permanent residence with you here in Michigan, even if they are living in a dorm or apartment during college, their powers of attorney should be governed by the laws of the State of Michigan. Most powers of attorney are recognized in other states, so this should not be an issue.
Where Should I Save the YA POA Documents?
As you complete the YA POA documents with your attorney and child, make sure to keep the originals in a secure location alongside other important documents. Scan and save the forms for instant access, in case of a medical emergency or financial need. Additionally, provide your child with a copy of their own to take back to school. Your attorney will also maintain a copy for your records.
Let’s make sure you have everything in order, so you can rest easy knowing you’re always there for your adult child.
Give me a call at (517) 708-2222 or email me at Katrina@CornerstoneLegalPLLC.com.