As our children navigate their journey into adulthood another, often overlooked transition occurs – we become legal strangers to our adult children, losing the ability to make financial or healthcare decisions for them in the event of an emergency or even just a day-to-day need.
It’s essential for us, as parents, to consider their well-being in every possible aspect. While discussions about financial responsibility and health are crucial, there’s one legal tool that often gets overlooked but can make a significant difference in times of need – Powers of Attorney.
What is a Power of Attorney?
A Power of Attorney (POA) is a legal document that grants someone the authority to make decisions on behalf of another person. For young adults in the 18-25 age range, establishing Powers of Attorney can be a proactive and responsible step toward ensuring their safety and security, especially if those children are away at college, starting a new career, moving out of our homes, joining military service, or just about every other instance where are kids move further along into their adulthood.
Why is it Important for Young Adults?
- Medical Emergencies: In the unfortunate event of a medical emergency or accident, having a Medical Power of Attorney allows you, as a parent, to make crucial healthcare decisions on behalf of your adult child. This ensures that their medical needs are met promptly and in line with their preferences.
- Financial Management: Financial Powers of Attorney empower you to manage your adult child’s financial affairs if they are unable to do so themselves, or to help when they need a little extra guidance navigating finances. This includes handling bank accounts, paying bills, and managing investments. It provides a safety net for unforeseen circumstances.
- Legal Decision-Making: It is also important to note that your adult child can decide what powers they want you, as their agent, to hold and under what circumstances you would be able to act on their behalf.
How to Establish Powers of Attorney:
- Open Communication: Discuss the importance of Powers of Attorney openly with your young adult. Help them understand that it’s a precautionary measure designed to protect their interests.
- Consult Our Office: Seek advice from an attorney to understand the specific requirements and implications of Powers of Attorney. We stand ready to guide you and your adult child through the process and ensure that both your child (as the principal) and you (as the agent) understand the power.
- Choose Trusted Agents: When establishing Powers of Attorney, your child will need to designate agents – individuals who will make decisions on their behalf. Typically, the child’s parent is the best resource to serve. Even if your child is half a world away, with today’s technology an agent can still handle the responsibilities through technology.
Now is a Good Time to Act:
Taking the time to set up Powers of Attorney for your young adult children is an investment in their future well-being. It’s a proactive step that provides peace of mind, knowing that, in times of need, you can step in to make decisions that align with their wishes. Empower your young adults not just with independence but also with a safety net that ensures their interests are protected.
With many of our young adult children coming home for the holidays, now is the best time to plan. Contact our office today to schedule a consultation. We are offering special pricing for families through January 15, 2024, so please call on us today to schedule, or click here to schedule online, selecting Estate Planning Consultation at either our Spring Hill or Leawood offices. To reach us by telephone, call (913) 592-2029 for Spring Hill or (913) 386-8135 for Leawood.
For our existing estate planning clients, you can join praediumGuard™ and provide not only powers of attorney for your young adult children, but also provide them with emergency healthcare powers retrieval via DocuBank® just for becoming a praediumGuard™ member, plus so much more for you. Click here to learn more