Adulting Starts Here - The Legal Documents Your Teen Needs
You’ve planned the graduation party and signed the healthcare directive. Now what?
In our last blog, we shared how one family prepared for their son’s transition to adulthood by completing a healthcare directive before he headed off to college. But there’s another essential document every 18-year-old should have in place: a durable power of attorney.
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What Is a Durable Power of Attorney?
According to the Minnesota Attorney General, a power of attorney is a document that gives someone else the authority to act on your behalf in financial affairs. This person can be given as much or as little power as you deem necessary. For example, they could be given authority to pay your bills, sell a property, or manage retirement accounts. A durable power of attorney allows the named person to act on your behalf if you become “incompetent or incapacitated.” For that reason, it’s essential to choose someone you trust: they will be able to make financial decisions for you when you can’t make them for yourself.
Why Does Your 18-Year-Old Need One?
When your child legally becomes an adult, you can’t assume you’ll be able to manage financial or legal tasks for them, even if you’re still footing the bill or they’re living under your roof. A durable power of attorney gives you the authority to help when they need it most, especially during emergencies or when they’re far from home.
Jasmine’s Story
Take Jasmine, for example.
When Jasmine left for a semester abroad in Italy, she knew managing things back home might be tricky. Before she left, she signed a durable power of attorney giving her dad, Jorge, the authority to act on her behalf for financial-related decisions and transactions. While Jasmine focused on her studies and travel, her dad was able to handle time-sensitive tasks like paying her credit card, submitting financial aid documents, and managing her bank account, ensuring nothing slipped through the cracks while she was out of the country.
Jorge was understandably worried about his daughter being halfway around the world, but he also knew he could handle her financial matters as needed. They had taken the right legal steps ahead of time. In addition to the power of attorney, they also had a healthcare directive ready to go. If the unimaginable happened, Jorge could communicate with doctors and approve treatments for Jasmine, even though she was legally an adult.
Peace of Mind for the Whole Family
Whether they’re studying abroad, heading to college, or starting a job in a new city, young adults like Jasmine are often navigating exciting opportunities and newfound independence. With the right documents in place, parents can continue to offer crucial support within predetermined legal boundaries.
A durable power of attorney and healthcare directive aren’t just paperwork; they’re peace of mind. These tools ensure your child is protected and supported as they step into adulthood, no matter what life throws their way.
Let Miroslavich Law Help
Before your child takes their next big step, schedule a meeting with Miroslavich Law. These documents might never be needed, but if they are, you’ll be thankful everything is in place.
