Editor’s note: This post was originally published Nov. 7, 2023, and has been updated for accuracy, comprehensiveness and freshness on July 8, 2024.
Is your child heading to college? Whether it’s the beginning of their university adventure or they are seasoned under-grads, they may still need your help with financial and medical needs. It might be time for you and your child to start looking into a Power of Attorney (POA).
So, what is a Power of Attorney? A Power of Attorney is a legal document that can allow someone to make financial, medical, and other important decisions on behalf of someone else. This could be beneficial if your child needs help managing money, or perhaps they have a chronic illness that means they require extra help with medical issues.
Let’s say your adult child executes a POA. Your child becomes the principal, giving you authority related to certain parts of their life. This makes you the agent or attorney-in-fact. If you think you can better serve your child in their college journey by becoming their agent in a Power of Attorney, read on to find out more details to help you get started.
What are the main types of Power of Attorney?
- Healthcare Power of Attorney allows the agent to make health and medical care decisions.
- A Financial Power of Attorney allows the agent to make financial decisions.
- A Durable Power of Attorney remains in effect if the principal becomes incapacitated. It can be used to let the agent manage all the principal’s affairs.
- A Non-Durable Power of Attorney is normally set for a period of time and only for a specific transaction.
- A Special or Limited Power of Attorney is typically used for one-time financial transactions.
- A Springing Power of Attorney becomes effective if the principal becomes incapacitated or is no longer able to make decisions.
- An Immediate Power of Attorney grants the power to the agent immediately upon execution of the document.
Why may a college student need a Durable Power of Attorney?
Some of the biggest issues that your college student might face are going to be financial or medical. Remember when you were first learning about money matters on your own? It can be overwhelming! Paying bills on time, managing accounts, filing taxes by the deadline, and submitting tuition money can be complicated for your child to handle on top of their other college duties. A Durable POA can give you the chance to help when needed.
While we all hope that our children stay safe in college, medical emergencies or illnesses often arise when least expected. A Durable POA lets you access your child’s medical records if needed.
How can an adult get Power of Attorney?
If you are wondering how to sign as Power of Attorney, it really isn’t very complicated. Most of the work is in the conversations that you and your child should have as you decide what kind of authority they will give you.
- Your child must decide which type of Power of Attorney is best for their unique situation. You and your child should discuss this thoroughly, as it is an important legal decision.
- Talk about what kind of responsibilities your child wants you to have. A Power of Attorney can grant lots of authority or only very specific duties. It’s essential that you and your child both have a solid understanding of what exactly you are supposed to do.
- Speak with a lawyer to ask questions and get assistance with the correct Power of Attorney.
Who can override a Power of Attorney?
The principal (the person who granted the Power of Attorney) can override the POA for any reason. If your adult child gets better from their illness or decide for any reason that they no longer want you to have Power of Attorney. They may also decide to name someone else as their agent.
What are some important considerations about granting Power of Attorney?
As you and your child discuss Power of Attorney options, you should both keep these things in mind:
- Are you the best person for the job? Discuss issues like how available you might be for your child’s POA needs, and whether you would emotionally be able to handle POA obligations if your child were incapacitated.
- Are you able to clearly and effectively communicate others’ needs, as you would need to do if your child granted you Power of Attorney?
- Do you understand all the duties that would be involved in as Power of Attorney for your child?
- Do you and your child agree on when the Power of Attorney would take effect and how long it would last?
How can LegalShield help you and your child with Power of Attorney issues?
Finding solutions to your legal issues doesn’t have to be stressful, complicated or expensive. LegalShield puts the access of legal advice within your reach. We work hard to make it easy, simple, and affordable for you to get the access to legal help you need when you need it. When you become a LegalShield Member, you have access to a dedicated provider law firm in your state. You can schedule consultations, get help reviewing paperwork, may have a LegalShield provider lawyer make a phone call or write a letter, and receive other important legal services at a fraction of the cost that other lawyers would charge you per hour.
If your adult child becomes a LegalShield Member or is a covered dependent under your legal plan, they can get assistance with creating a Power of Attorney. If you become a member, you too can benefit from the diverse ways that LegalShield can help you!
Take the next step.
- Find the LegalShield plan that works for you.
- Locate a LegalShield provider lawyer by ZIP code.
- Read more about how Power of Attorney works.
Pre-Paid Legal Services, Inc. (“PPLSI”) provides access to legal services offered by a network of provider law firms to PPLSI members through membership-based participation. Neither PPLSI nor its officers, employees or sales associates directly or indirectly provide legal services, representation, or advice. Certain benefits are not available in all states. See a legal plan contract for a specific state for complete terms, coverage, amounts, and conditions. The information made available in this blog is meant to provide general information and is not intended to provide legal advice, render an opinion, or provide a recommendation as to a specific matter. The blog post is not a substitute for competent legal counsel from a licensed professional lawyer in the state or province where your legal issues exist, and you should seek legal counsel for your specific legal matter. Information contained in the blog may be provided by authors who could be a third-party paid contributor. All information by authors is accepted in good faith, however, PPLSI makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of such information.
