If your child just recently graduated from high school, then you have probably been supporting and helping them prepare for their next steps. That can mean purchasing dorm room essentials, reviewing class schedules, filing paperwork for student loans and financial aid, or prepping them for job interviews. What is important to recognize is that one of the most important steps to take is to prepare a power of attorney for healthcare and financial power of attorney. You will want to do this because when an individual turns 18, parents typically do not have the power to make health care decisions or control their child’s financial matters unless the child has designated the parent(s) as a representative under a power of attorney. As a result of this, it is in your child and your best interest to begin the first step to ensure you are all covered in the future. Do not wait to give us a call today to get started. Our skilled Pennsylvania POA attorneys are on your side no matter what you are facing. Give us a call today to get started.
What is a power of attorney for healthcare?
You will want to recognize that a healthcare power of attorney is a document that appoints an agent to create healthcare decisions on behalf of a person who is unable to do so themselves. If the incapacitated individual can no longer make or share reasonable healthcare decisions, the agent will make judgments based on the established preferences provided in the healthcare POA. Also, the healthcare POA will allow the agent access to the incapacitated individual’s medical records, in addition to allowing the agent the power to speak with doctors and other healthcare professionals.
Even though POAs for healthcare are generally related to end-of-life situations, they are used in many other medical plans, and can be essential to providing your graduate receives the appropriate care in the event of an emergency.
What is a financial power of attorney?
A financial power of attorney is similar to a healthcare POA but designates an agent to act on the incapacitated individual’s behalf concerning financial matters. With a financial POA, the agent can pay bills, settle debts, make decisions regarding property, and otherwise control the individuals’ financial affairs.
College-age children might not have significant assets, but their credit cards, checking and savings accounts, car loans, and apartment leases are just a few financial matters that would be regulated under a financial POA. Financial POAs can also provide entry to digital accounts such as online accounts for school, banking, social media, and more.
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