It’s amazing, and the day is here. Your child is old enough to be in college. You hope you have prepared them for life’s situations, taught them to be good people and want them to make the right decisions. One of the biggest mistakes parents make when their kids head to college is not having a Durable Financial Power of Attorney.
When your child signs a power of attorney, they allow someone to act on their behalf under specific circumstances. A durable power of attorney lasts indefinitely but can be withdrawn anytime. Just because your child turns 18 doesn’t mean you’re no longer their parent. But it does mean that you can no longer access their financial and medical information.
If your child is hurt or temporarily unable to care for themself, a durable financial power of attorney will let you access their bank account and pay any necessary bills. You can help them by paying their rent, tuition, or credit card bills. This also holds true if your child has a semester abroad. While gone, you can take care of any financial matters that may arise.
Without a durable power of attorney, the courts must name you a guardian. This is complex, expensive and time-consuming. Having a durable financial power of attorney is a safeguard that should never be overlooked.
There are many circumstances in which a durable power of attorney may be needed:
Whatever the reason, your child must have a durable power of attorney before leaving for college. And you want to make sure it is done right. Nothing is worse than needing a power of attorney and finding out there was a mistake, rendering it unusable in an emergency. Working with an experienced estate planning attorney will ensure you have all the right documents, which are legally binding.
Other documents your college-bound child needs:
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Protect your children with a Durable Financial Power of Attorney as they head off to college. With expert guidance from the estate planning attorneys at Estate & Probate Legal Group in Illinois, we can help make this happen. Contact us today at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.