As parents, we all want the best for our children, and sending them off to college is a major milestone in their lives. While we tend to focus on their academic success and social life, it’s essential to also consider the legal and financial implications that come into play when they turn 18. As your children become legal adults, you lose certain parental rights, and it’s important to have the necessary financial planning and estate planning tools in place to ensure their well-being. One way to protect your family and your child is to have a health care proxy and power of attorney in place.
The Importance of Financial and Estate Planning for College-Bound Kids:
Loss of Parental Rights
When your child turns 18, they are legally considered an adult. This means that you no longer have the same level of access to their medical records, insurance information, and financial accounts as you did when they were minors. Without proper legal documents in place, you may face significant hurdles if your child experiences a medical emergency or financial crisis while at college.
Embracing Independence While Still Needing Parental Support
Transitioning into adulthood and becoming more independent is a natural part of growing up, and attending college is a significant step in that journey. However, turning 18 and gaining independence doesn’t mean your child will no longer need your support, especially in emergencies or difficult situations. As a parent, it’s crucial to strike a balance between encouraging their independence while still being there for them when they need you. Having a health care proxy and power of attorney in place is a proactive way to ensure that you can step in and provide guidance when it’s truly needed.
Health Care Proxy
A health care proxy is a legal document that allows your child to appoint someone (usually a parent or trusted adult) to make medical decisions on their behalf if they become unable to do so. This is especially important for college students who may be living far away from their family and may need someone to make crucial medical decisions in an emergency.
Power of Attorney
A power of attorney is another vital legal document that allows your child to appoint someone to handle their financial affairs if they are unable to do so themselves. This includes tasks such as accessing their bank accounts, paying bills, and managing their insurance. Having a power of attorney in place can provide peace of mind and ensure that their financial affairs are taken care of in a crisis.
Cara Law’s College Preparation Special Offer:
Cara Law, a small, family-focused law firm in New York, recognizes the importance of these crucial documents for college-bound kids and their families. We are currently offering a special package to help parents navigate these legal complexities. For just $395, you can have both a health care proxy and power of attorney prepared for your child, with no additional filing fees, and the documents can be updated anytime, as needed.
Preparing your child for college involves more than just academics and social adjustments. It also requires addressing the legal and financial changes that occur when they turn 18. By investing in a health care proxy and power of attorney, you can ensure that you maintain access to critical information and decision-making capabilities in the event of an emergency or crisis. As your child embraces their newfound independence, it’s essential to remember that they will still need your support, guidance, and protection. Don’t miss out on Cara Law’s special offer to help you secure these essential documents for your college-bound child.