If your child newly graduated from high school, then you have likely been helping them get ready for their next step. That may mean buying dorm room essentials, checking class schedules, filing paperwork for student loans and financial aid, or prepping them for job interviews. one of the most important steps to prepare that are a power of attorney for healthcare and financial power of attorney. This is because when an individual turns 18, parents generally do not have the power to make health care decisions or control their child’s financial matters unless the child has named the parent(s) as a representative under a power of attorney. Because of this, it is in your child and your best interest to get started on this step to ensure you are all protected in the future. Give us a call today to get started. Our skilled Butler County powers of attorney lawyers are on your side.
What is a Power of Attorney for Healthcare?
Keep in mind that a healthcare power of attorney is a document that designates an agent to construct healthcare decisions on behalf of an individual who is unable to do so themselves. If the incapacitated individual can no longer make or share reasonable healthcare decisions, the agent will make decisions based on the documented preferences supplied in the healthcare POA. Furthermore, the healthcare POA will permit the agent access to the incapacitated individual’s medical records, as well as allow the agent the ability to speak with doctors and other healthcare professionals.
Even though POAs for healthcare are typically related to end-of-life situations, they are used in many other medical plans, and can be critical to providing your graduate obtains the appropriate care in the event of an emergency.
What is a Financial Power of Attorney?
A financial power of attorney is comparable to a healthcare POA but appoints an agent to act on the incapacitated individual’s behalf regarding financial matters. With a financial POA, the agent can pay bills, settle debts, make decisions regarding property, and otherwise influence the individuals’ financial affairs.
College-age children might not have substantial assets, but their credit cards, checking and savings accounts, car loans, and apartment leases are just a few financial matters that would be regulated under a financial POA. Financial POAs can also allow access to digital accounts such as online accounts for school, banking, social media, and more.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Whether you are dealing with matters involving estate planning, estate administration, or elder law, you need a legal team you can feel confident will represent your best interests, every step of the way. We are that legal team. Contact Heritage Elder Law & Estate Planning today so we can get started.