Whether 18 or 23, your graduate is transitioning into a new chapter of life and deserves to have the proper preparation and peace of mind.
Now, I know you're thinking - "what would my child need a Power of Attorney for?" or even "I don't think they're old enough to need to get their affairs in order.", and trust me, we get it! Why would anyone think to prepare for the unforeseen when they're that young?
But that's where you - the parent that has their kids' safety, wellness, and future in mind - come in!
A Power of Attorney is not just for the elderly or the sick, or the paranoid. It's for anyone who wants to be prepared for the unforeseen and who wants lifelong peace of mind when it comes to taking care of themselves, their assets, and their medical decisions should they become incapacitated.
What Exactly is a Power of Attorney?
A power of attorney (POA) is a legal document that grants someone else the authority to act on your behalf in various matters. The person granting the authority is called the "principal" or "grantor," while the person receiving the authority is referred to as the "agent" or "attorney-in-fact."
A power of attorney can be used in a range of situations, such as managing financial affairs, making healthcare decisions, conducting business transactions, or handling legal matters. The powers granted can be broad or limited, depending on the specific terms outlined in the document.
What Are the Two Types of Power of Attorney?
Financial of Attorney: This grants broad authority to the agent to manage various financial and legal matters on behalf of the principal. It is effective upon execution and remains in effect until the principal revokes it or becomes incapacitated.
Healthcare Power of Attorney: Also known as a healthcare proxy or medical power of attorney, this grants the agent the authority to make medical decisions on behalf of the principal if they are unable to do so. It typically includes choices about treatments, healthcare providers, and end-of-life decisions.
Why Is A POA the Best Gift to Give Your Graduate?
Transition to Adulthood: Graduating from school marks a significant milestone in a person's life, often coinciding with their transition to adulthood. Creating a power of attorney reinforces this transition by empowering young adults to take control of their own affairs and make decisions for themselves. It encourages personal responsibility and independence.
Unexpected Events or Incapacity: As young adults venture into new phases of life, such as starting a job, moving away, or traveling, unexpected events or accidents can happen. By having a power of attorney, parents can ensure that someone they trust is legally authorized to act on their child's behalf if they become incapacitated or are unable to make decisions. This can include managing finances, accessing bank accounts, signing legal documents, or making healthcare choices.
Guidance and Support: Parents may want to offer guidance and support to their children during important life transitions. By discussing and helping them create a power of attorney, parents can ensure that their children understand the importance of planning for the unexpected. They can assist in choosing the right person to act as an agent and help their children make informed decisions regarding their financial and medical matters.
Convenience and Efficiency: Having a power of attorney in place can streamline administrative processes and make it easier for parents to assist their children with financial matters or legal transactions. For example, if a child is studying abroad or living in another location, their parents may need to handle specific matters on their behalf. A power of attorney enables parents to act legally and efficiently without unnecessary complications.
Peace of Mind: Creating a power of attorney brings peace of mind to both parents and children. Parents can feel reassured knowing that their child has designated someone trustworthy to act on their behalf if necessary. Similarly, children can have confidence that their interests will be protected, and their wishes respected, even if they are unable to make decisions themselves.
How Can I Gift My Child a Power of Attorney Package?
Easily! We offer multiple options for creating the Power of Attorney documents as well as affordable pricing (+ no hidden fees or in-person meetings with attorneys)!
If you'd like to have us create the Power of Attorney for you, get started here.
If you'd like to save a little $$ and fill out the Power of Attorney yourself (with the help of our step-by-step videos), get started here.
If you'd like to ask us questions about POA or estate planning, reach out to us here.