With summer winding down, many parents are confronting the emotional reality of a child leaving home for college, and typically it is the first time the parents and child will be living apart. With that comes more independent decision making, which can be an exciting, albeit a scary proposition for both.
As high school graduates transition to the next phase of their lives, often they, and their parents, fail to understand the dramatic shift in their legal roles upon becoming a legal adult at age eighteen. While voting and military service are more commonly understood realities of this transition, being held legally responsible for all decisions, where a parent has no legal oversight, is less understood. While many of these children are financially dependent on their parents, the law doesn’t recognize that dependency when assigning legal responsibility.
The frightening reality is that eighteen-year-olds, often unprepared, have sole agency for all financial, contractual and medical decisions and obligations. More importantly, should an unfortunate or emergency situation arise, either temporarily or permanently, a parent cannot step in and handle their child’s affairs.
To proactively address this, the legal mechanism that allows a designated person (parent or someone else) to make and carry out financial and medical decisions on another’s behalf is typically through Financial and Medical Powers of Attorney (“POA”).
At a time of crisis, anxiety or peril, having these POA documents in place can have valuable effects on medical care and financial stability ensuring that a parent or other designated person can have the legal ability to assist if the need arises.
Chauvel & Glatt can assist young adults in creating these crucial documents during this transitional period. Consider giving a graduate (and parents) the gift of peace of mind, and opportunity to sign their first legal document! Contact the Estate Planning Attorneys at Chauvel & Glatt to learn more about these documents and get them prepared for your college bound children.
This material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute legal advice. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500 for legal assistance near you.
