In an uncertain world, children who have reached the age of majority and, as a result, are legally independent from their parents still need help from time to time. However, parents may be denied access to documents and information needed to advocate for their adult child when needed most. The solution is for young adults to appoint their parents or other trusted relations as agents under financial and medical powers of attorney to make decisions for them in the event they require care.
At Cook Tillman Law Group, we are committed to helping families preserve their futures at any age. Keep reading to learn why powers of attorney are a wise protective measure for young adults.
Financial and Medical Powers of Attorney
Financial Power of Attorney: A financial power of attorney (POA) allows a designated person to manage your finances if you are incapable. Situations that call for a financial POA may include:
Medical Power of Attorney: A medical POA authorizes a person to make healthcare decisions on your behalf if you are incapacitated. Reasons why a college student may need a medical power of attorney include:
Legal Adulthood & Increased Responsibilities
While the idea of creating legal documents sounds daunting, the reality of facing a debilitating crisis without POAs is significantly more challenging. Here are a few reasons why young adults are at a critical age for establishing POAs.
Reaching the Age of Majority: At 18, young adults are considered legal adults, meaning they have complete control over their financial and medical decisions. However, many young adults lack the experience or knowledge to navigate complex situations, making powers of attorney essential safety nets. Providing parents with legal power in case of emergencies can ensure someone is acting with their best interest in mind during times of trouble.
Protections for Parents and Families: Without proper legal documents, parents may be powerless in emergencies, even when they are the logical first point of contact for their child’s care. Additionally, many young adults are unmarried, so they are left without a specific person to whom decisions may fall for financial and legal matters. Establishing parents or guardians as POAs can save families from extreme stress or heartbreak should emergency circumstances arise.
Setting Up Financial and Medical Powers of Attorney
For many young adults, healthcare and finances are murky waters they may struggle to navigate. Understanding that they do not have to act alone in emergencies can be relieving, especially in a world where complex scenarios can occur at any time. We encourage young adults and their families to discuss POAs and how they can provide safety, protection, and peace of mind. Coming of age is an exciting time that a lack of forethought shouldn’t compromise, so we urge clients to consider POAs a part of their child’s transition into adulthood. Our team at Cook Tillman Law Group is happy to help families establish POAs and can be reached through our website or by phone at (615)-370 2444.