There is a lot to do when first preparing for college. One of those things that should be done is to visit an estate planning attorney to get a power of attorney drawn up.
It might seem a little strange or even morbid to suggest that new college students should see an estate planning attorney. When people go to college, they do not normally think that something bad could happen to them anytime soon, and certainly nothing that will lead to death.
However, there is nothing morbid about it.
People should see an estate planning attorney as part of their college preparations. If for no other reason, this should at least be done to get a power of attorney, as Financial Advisor points out in "College Students Need A Power of Attorney."
It is not that something will happen to new college students. However, it could. Consequently, it is best to be adequately prepared.
For most people, as they grew up, they never had to worry too much about what would happen if they had a serious accident.
If anything did happen, then their parents would be able to manage everything.
That changes once students turn 18 and are legal adults.
Parents cannot legally do things, such as take money out of a bank account to pay bills or make medical decisions, if necessary.
Therefore, how do parents get that legal authority?
The young adults in their life should sign powers of attorney giving them (or someone else) the ability to manage things, in the event there is an accident or illness causing incapacity.
While it is unlikely that it will ever be necessary, preparing for the possibility is a good idea.
For more information about estate planning for all ages in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Financial Advisor (Aug. 22, 2017) "College Students Need A Power of Attorney."