The Unexpected College Essential: a POA and an AMD
As parents help their college students shop for their dorm room and pack up their Twin XL sheets, it’s likely that the last thing on their minds is what could go wrong. Going to college is a major formative experience for many teenagers, and while their parents are sad to see them leave, they’re overall excited for what life will bring them.
However, something that parents don’t often consider is that they’ll lose access to some of their children’s information when they turn eighteen since they’ll be considered legal adults. Therefore, parents will not be able to make financial decisions or access medical records for their child, even if they are covering the costs of their college experience and still carry them on their health insurance. As a result, at a critical moment, a parent may not be able to get any information or make decisions for their teenager. This is why having two documents – a Power of Attorney and an Advanced Medical Directive – is important for your child to have when they leave the nest.
How They Work
Before your child leaves for college, you should strongly encourage them to have a Power of Attorney and an Advanced Medical Directive in place. A Power of Attorney, or POA, grants the authority for another adult to make financial decisions on your behalf. An Advanced Medical Directive, or AMD, grants the authority for another adult to make medical decisions or access healthcare information on your behalf.
Any trusted adult can be named in a Power of Attorney or Advanced Medical Directive, but for a college student, those options will likely be their parents. Parents will have the most background information about their child’s needs and wants and will—more often than not—cover the costs should anything go awry.
When Would a College Student Need an AMD or POA?
You don’t want to think of the worst-case scenario when your child leaves for college, but the reality is that unforeseen circumstances can happen, and it is important to be prepared for these situations. For example, if your child is unexpectedly in a car accident while they are at school and it renders them unconscious, you will not be able to get their medical information from the hospital staff if they’re over eighteen. This is where having an AMD would be beneficial. With an AMD, you would be able to get their medical information and make informed decisions for their care.
A POA may be just as important as an AMD, though for different reasons. Because having a POA allows you to assist with your child’s finances, a POA is extremely useful for being able to pay bills, negotiate and manage care arrangements, manage tuition payments, or help pay student loans.
This is why having some kind of documentation in place is important. In a time of crisis, you know that you’ll have the ability to speak with a financial institution to help cover costs, speak with the doctors or hospital in your child’s stead, and know that they’re being well taken care of.
[Related Reading: Why You Should Start Estate Planning in Your Early 20s]
Talk to Your College Student
Before scheduling an appointment with an attorney, speak with your child about having them create a POA and AMD. These legal documents can greatly affect them, and giving them a say in what’s included can go a long way toward maintaining a strong relationship with them.
However, before you have this conversation with your child, there are a few things to keep in mind. The first is that your child is not required to choose you as their agent. This may be difficult to hear, but it is important to be open and honest with your child. Instead of choosing you, they may choose an aunt, uncle, or older sibling. While you may have encouraged them to draft it, the POA and AMD are ultimately your child’s documents.
Also, remember that signing legal documents can be a scary and overwhelming process. Giving your child a bit of grace as they navigate this process can help to ease their minds—and yours.
Contact Us
Sending your child off to college is both an exciting and harrowing experience, but having them go in prepared with a POA and AMD can give you peace of mind. You can rest easy knowing that should the worst happen, you’re still able to take care of your child, even if they’re now a legal adult.
If you’re interested in speaking with an experienced estate planning attorney, contact our team at Relational Estate & Elder Law. We want to help you craft a Relationship Estate Plan that will give you and your family peace of mind.
Disclaimer: The information you obtain in this post is not, nor is intended to be, legal advice. This blog shares general best practices when navigating Virginia or West Virginia law, but you should consult an attorney for advice regarding your individual situation.