Have you recently received your college acceptance letter? If yes, then you are not a child anymore. As an individual who has just crossed the roadblock of 18 years and attained adulthood, you have the right to plan for your future.
If you are a parent, it’s also good news for you that your kid has become an adult. However, for many American parents, the thought of failing to assist their kids financially can be scary. You may be feeling even worse thinking that you won’t be able to help your child even when there’s a medical emergency.
If you want to reduce the worry, make sure you start teaching your child about fiscal responsibilities early in their life. You can seek estate planning help San Antonio, TX to manage the situation more efficiently.
Working with an experienced estate planner and allowing children to be the power of attorney and medical power of attorney should be the way to go for any parent. Read on to know more.
Get a Durable Power of Attorney
By getting a durable power of attorney you will be able to take financial and legal decisions on your child’s behalf. Indeed, the law of the country has made this option available to parents to keep things smooth in case of incapacity. However, your estate planner can help you to draft one so that you can assist your adult child when they are unavailable.
If you have a kid who has just started to go to college, they will need to declare you as their attorney-in-fact. With this designation, you’ll be able to handle their banking affairs without any hindrance. Other than that, the designation will also allow you to manage your adult child’s property and other belongings when they are studying abroad or have gone to college.
Getting a Medical Power of Attorney Is Also Crucial
If you get a medical power of attorney for your college-going child, the young adult will have a healthcare agent making various medical decisions on their behalf. The medical power of attorney, however, will come into effect only if the person governed is not capable of making decisions.
The document might even feature your kid’s wishes related to the use of hydration, nutrition, and life support. Of course, those clauses would come into play only if the person in question enters a vegetative state permanently and has little chance to recover. The clauses will take effect even if your child has a terminal disease and is in its last stage. If you want, your estate planner would also add clauses allowing organ donation in the document.
While you find the best estate planner to draft the above documents for you, the final decision would be made by your child. Your child would be the one deciding how those documents will be executed. You’ll also need to allow them to choose the estate planner.
As a parent, you might find it difficult to think that your child will be facing legal, financial, or medical issues. However, still, you shouldn’t leave any stone unturned and educate your child about planning ahead.