If your child recently graduated from high school, you likely have been helping them prepare for the next stage in their life. One facet that is important but often not thought of is setting up a power of attorney for healthcare and a financial power of attorney. Follow along to learn the importance of a power of attorney for your high school graduate child and how a proficient attorney at our Montgomery County power of attorney law firm, JDKatz, P.C., can help navigate you through this process.
Why should I set up a power of attorney for my graduate child?
When your child turns 18 years old, you, as the parent, no longer have the authority to make health care decisions on your child’s behalf or to manage your child’s financial matters. This is unless your child has named you as an agent under a power of attorney.
How can a healthcare power of attorney benefit my graduate child?
With your graduate child’s healthcare power of attorney, they will be allowed to appoint you as an agent to make healthcare decisions on their behalf in the unfortunate event that they become incapacitated. That is, if your child is incapacitated and can no longer make or communicate reasonable healthcare decisions, then you, as the agent, will make decisions based on the documented preferences provided in the healthcare power of attorney. In the state of Maryland, this is commonly referred to as a durable power of attorney.
In addition, this document will allow you to access your child’s medical records, as well as allow you the ability to communicate with their doctors and other healthcare professionals.
While this document is usually associated with elder law or end-of-life situations, it is used in many other medical scenarios. Nevertheless, it can be crucial to ensure your graduate child receives the appropriate care in the event of an emergency.
How can a financial power of attorney benefit my graduate child?
With your graduate child’s financial power of attorney, they will be allowed to designate you as an agent to act on their behalf regarding financial matters in the unfortunate event that they become incapacitated. That is, you will be able to handle their financial affairs, which may include credit cards, checking and savings accounts, student loans, and apartment leases. In the state of Maryland, this is commonly referred to as a general power of attorney.
While your graduate child may not have significant assets, with this document you will still be allowed to access their online accounts for school and banking.
For more information on how to set up these power of attorney documents, do not hesitate in reaching out to a talented attorney at our Bethesda, Maryland law firm today.
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Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.