Did you know that once your child reaches the age of 18, you no longer have the right to make their health care and financial decisions? You probably do know that, but have you thought about what that means when your children go off to college? Generally, it means that for the first time in their lives, college bound students are entirely responsible for themselves. Sure, parents can still send money, but the students can legally decide how they want to use it.
This new responsibility brings other issues. It raises the possibility that no one will be legally able to handle your child’s affairs, if the child is incapacitated and unable to do so for him or herself. This void means that if your child gets into a serious accident while away at school, you will have to get a guardian or conservator for the child. That is a very costly process and it is often difficult to do quickly.
You can prevent that possibility by getting a General Durable Power of Attorney and a Health Care Power of Attorney for your child before he or she goes away to college. It’s very simple and easy to do and makes sure that just in case there is an emergency, your child is ready for it.
- Thought of the Day - November 29, 2023
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