A power of attorney is a document that allows someone to appoint an agent to act on their behalf in the event that they become incapacitated or unable to make decisions on their own. These documents relate to financial and healthcare matters. One of the greatest benefits of a power of attorney is that it allows the agent to act quickly in a crisis. Having your college-age children sign a power of attorney for healthcare and finances is a simple way to prepare for an emergency.
During the particularly grim months of the COVID-19 pandemic, we are so often reminded that young adults are in an age range with rising numbers of coronavirus diagnoses. As parents, you may not realize that once your child turns 18 years old, federal and state laws restrict your ability to access your child’s healthcare records and to make healthcare and financial decisions on your child’s behalf. This becomes problematic if your adult child were ever to become incapacitated and unable to make those decisions for him or herself. It is critical to plan ahead so that you can make choices for your adult children should they become ill and require life-supporting assistance. Privacy and decision-making issues can be avoided if your child executes financial and healthcare powers of attorney.
Stafford Rosenbaum encourages you to contact us if anyone in your household is in need of power of attorney documents. We can be reached at (608)256-0226, or click here to read more about our trusts and estates team, including attorney profiles.