As we are in the dog days of summer, many of Florida’s young adults are getting ready to head off to college. Some are returning to campus, while others will be entering a new phase of life. This is an exciting time for the kids and their parents. With the excitement comes a lot of work. For example, you have to buy clothes, toiletries, and school supplies. You must make plans to get back to campus and moved into your dorm or apartment. And you must make your tuition payments. Besides all the little details in between, parents also worry about their child being on their own. Let’s face it – even though your kid is technically an adult, they may not be mature enough or equipped to make crucial decisions on their own behalf. Therefore, we strongly recommend a power of attorney for college students.
For college students, consider these two types of Powers of Attorney – a Financial Power of Attorney and a Health Care Power of Attorney.
Financial Power of Attorney
Why is this important? Because even though you may be financially supporting your college student, they are technically an adult. For this reason, you have no legal control over their finances. A Financial Power of Attorney is the necessary legal document that gives you some control.
The Financial Power of Attorney grants you:
- Access to bank accounts
- Ability to sign checks to pay for tuition, room & board, and other expenses
- Authorization to sign tax returns on behalf of the student
Another fact that seems counterintuitive is that you do not legally have access to important financial information. How can this be so? Because that is the law. If you want to know about your child’s financial aid, student loans, tuition bills, and room & board costs, you will need a Financial Power of Attorney.
Health Care Power of Attorney
Because of federal health care privacy laws, you may not be able to access any medical information about your adult-aged child. So, if your college student is admitted to the school’s infirmary or a hospital, only your child has control over their medical records. However, your child can assign you rights through a Health Care Power of Attorney.
In addition to getting access to medical records and information, a Health Care Power of Attorney will allow you to make medical decisions on behalf of your child. These decisions may include treatments, medications, doctors, and medical facilities. Without a Health Care Power of Attorney, a medical provider may not share valuable information or listen to your wishes regarding the care of your child.
Click here or text AskRon to 21000 if you would like to schedule your session to discuss how to best protect your college student.