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You have thoughtfully saved the money and prepared your child for the big adventure and important next step in his or her development: college. You have spent many hours purchasing supplies, registering for classes and meeting roommates over the internet, and drop off day is approaching. What remains to be done? You will also want to think through what legal documents you may want to prepare and have your child execute so that you can help with important decisions and tasks that might need to be undertaken during the college years.
For instance, you might want to be able to handle certain financial transactions on your child’s behalf such as dealing with bank accounts, filing income tax returns, renewing licenses, and signing leases. Without a durable power of attorney, in most jurisdictions you have no legal authority to conduct such transactions on behalf of your adult child. Another consideration is: who will make health care decisions for your child in case of accident or illness? Without a health care power of attorney, in many states and countries parents do not have the legal authority to make health care decisions for an adult child. In the U.S. such authority and required documentation is governed by the federal Health Insurance Portability and Accountability Act in tandem with each state’s law; your country and jurisdiction will have different laws and regulations.
Consult an Ally Law member firm attorney to assess your proxy needs and prepare the appropriate legal paperwork required by your jurisdiction and particular goals. A small investment in advance planning may save money and worry later on. Ally Law member firms have attorneys with experience in estate planning and are well-versed in law applicable to your situation. They will help you make the right choices. For more information about our services in this area, contact us at yourally@ally-law.com.
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By Vorys, Sater, Seymour, and Pease, LLP.
