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My kid is going off to college, do I need a POA?

July 12, 2023

First, what is a POA?  Is this case it means a Power of Attorney.

Disclaimer, I am not an attorney, so nothing here is to be considered as legal advice, consult your own family attorney on this matter.

The article in this link raises an important issue that I think that many of us parents might overlook. That is while we still think of our kids as our kids, once they reach a certain age they are considered an adult so not only does it bring with it the consequences of bad decisions they might make, it also can limit our perceived rights as parents when it comes time to try and help them.

In the context of this article below, if your child is of adult age when they leave your home for college, work, living elsewhere, etc and they need your assistance in certain matters like healthcare related events, you may not be able to help or even get access to information as a parent since they are now an adult and protected by adult privacy rules.

So if your child is heading out of the house after graduating from high school, you might consider putting these safeguards into place.  Also, maybe your trust needs an update if it spoke of who would be the new caretaker of your minor children including access to your assets until they reached adulthood.  That could be another set of changes to make to your estate plan.

If you don’t have an estate plan started, contact me to discuss where to start.   I’m not an attorney so cannot write one but can help point you in the direction of resources.

 The information in this and other articles is intended to be educational in nature only.  Not tax, legal or investment guidance for you specifically.  Each person’s situation is unique and you must seek appropriate professional guidance that can address your unique situation.