POAs Before The Next Adventure

It’s not the most exciting thing to talk about, but it is important: powers of attorney for your recent graduate. As your recent graduate and newly minted adult child gets ready to take on the world, make sure that if anything unexpected happens you will be able to be there to help them.

The financial power of attorney document will make sure you can still step in to help your child by making financial decisions for them, if an unexpected incapacity occurs. You would be able to deal with banking, rent, or school loan issues that may arise. Having the financial power of attorney will help avoid any unintended delays, cancellations, or late fees from derailing your child’s plans.

A health care power of attorney document will make sure your child can receive the medical attention they need in the event they are unable to make medical decisions on their own. Having this document in place can help put you and your child at ease, knowing you can still be there to help in times of crisis.

Although powers of attorney are not exciting to discuss, they do help avoid the need for you to become your child’s guardian in the case of incapacity. Guardianship would require time to petition the court to be appointed, which may prohibit you from making decision immediately. In addition, as guardian, you would be required to report to the court each year; a burden avoided by being named as your child’s agent.

Take time to discuss the need for your adult child to have their own powers of attorney. It’s an easy step that can help avoid hardships in the future.