A Gentle Reminder
Do you have a child who has just gone off to college or will soon? If so, please read the following. It won’t take long, and trust me when I say this is important.
Ideally, before your child heads off to college, near or far, medical and financial powers of attorney should be signed by them. Why? Because without these legal forms in place, if your child is in an accident (God forbid) and is incapacitated, the hospital cannot legally divulge any information about their condition to you. Can you imagine? No, me either, but depending on the care team and the medical facility, it could happen. Let’s discuss how to avoid that unthinkable situation.
Before they leave, or as soon as possible afterwards, create two documents: a durable medical power of attorney and a durable financial power of attorney for your adult children.
A durable medical power of attorney
This will give you the authority to make healthcare decisions if your child is too injured to speak for themselves. You should be named the trusted person to speak on their behalf in the document. Caregivers will turn to you to make decisions, and that’s what you want.
A durable financial power of attorney
This allows your adult child to authorize someone (you) to handle their financial transactions on their behalf. So, if they are unable to handle their own finances due to an accident or illness, you can step in and pay their bills, deposit checks, pay their rent and car payments, and more. They won’t need to worry about having a car repossessed or risking an eviction notice while recovering.
I hope you already have these documents in place. If you don’t and would like my help, please don’t hesitate to reach out.
My best,
David