Sending a child off to college is a stressful time. You have the personal items covered (toothbrush, shower slippers, phone charger, laptop, bed sheets, etc). These are just some of the important things you are sending your child off to school with this fall. But, what about some legal essentials that you may not have considered? Give the gift of legal documents to your young adult.
If your child has reached the age of 18, you are no longer responsible for them. That may be great news for some parents, but that also means you cannot make decisions for your 18 year old anymore. Decisions such as medical or financial.
Basic Legal Documents
This is exactly why every young adult should have a few basic legal documents in place before they venture out on their own.
Without these legal documents in place, a parent has no authority to make health care decisions or manage money for their child. This is troubling for some who are paying tuition, have their children on their health insurance plans and continue to claim them as dependents on their tax returns.
If your child is in an accident and becomes disabled, even temporarily, you may need court approval to act on his or her behalf, which can be a costly and lengthy process. This risk is real. Accidents are the leading cause of death for young adults. Young adults between 18 and 25 years old are hospitalized with nonlethal injuries each year.
But it doesn’t take something nearly that drastic for parents to need to act on a child’s behalf. For example, if your child is ill and in the hospital, doctors will refuse to discuss his or her condition with you without the proper healthcare documents.
Power Of Attorney Documents
These power of attorney documents can be effective upon your child’s incapacity or immediately, giving you access to their medical and financial information even if your child is not disabled. It will all depend on your child and what rights he or she would like to give to you as the agent. It is important to note that your child must give you this power. So if you have a strained relationship, your child may decide to give this power to another adult in their lives, like a grandmother or uncle. Also important is the fact that your child still maintains their independence and power even though they have also given you the power to act for them.
Example of Legal Documents In Use
For example, if your child wants to give power to have access to his or her finances but not be able to access his grades, he can specifically restrict that right in the power of attorney documents. This document can be useful in a variety of situations. For example, if your child is studying abroad and you need to contact the local embassy or wire money from a child’s bank account, sign a lease in your child’s name, etc.
Have a discussion with your child and make sure you send them off to college with these important legal documents. These documents will save you thousands of dollars down the line.
