Helping a child prepare for college is a pretty involved process. There are a lot of things to think about and plan for. One thing many parents in Michigan may not think to do is set up powers of attorney for their college-aged kids. POAs serve a valuable purpose, and adults of any age can benefit from having them in place.
Here’s the thing — young adults often feel invincible. Nothing is going to happen to them. They are going to head off to college, make it through, then go make their mark on the world. The reality of the situation is, accidents happen, illnesses happen, incapacitation happens. These are not things one expects, but they are things for which one should plan. While no parent wants to think about anything bad happening to their child, if something does and the are not in place, they may find it difficult to help their child through it.
There are two main types of POAs: medical and financial. If named the representative on a health care POA, one will have the ability to make all medical decisions for one’s child if he or she becomes incapacitated. If named the agent on a financial POA, one will have the ability to access a child’s bank accounts, pay bills, prepare and file taxes, or even initiate a lawsuit on his or her behalf — among other things. In other words, these documents allow parents to take control and help their children when they are not in a position to do things for themselves.
Setting up is easy enough. It is a matter of filling out and signing the proper forms. Michigan residents who want to make sure their college-age children have all the protections they need before heading off to college can turn to legal counsel who will be able to help them create POAs that are legally valid.