Without a POA, parents may not be able to help their Non-Minor children in times of crisis. Top five reasons you need one BEFORE they head to college:
Healthcare Decisions: Most Important! Allows you to inquire and/or make medical decisions if your child becomes incapacitated or unable to communicate their wishes.
Financial Management: Enables you to help handle banking, bill payments, or other financial matters on their behalf, while keeping their independence.
Emergency Situations: Ensures you can act promptly on their behalf, streamlining decision-making processes.
Legal Representation: Allows you to handle legal affairs on their behalf, such as reviewing & signing leases, legal documents or representing them in court if necessary.
Peace of Mind for Parents: For parents or guardians, having a POA for your college-aged child provides peace of mind! Just knowing you can step in and help with important matters, when your child may be far from home or just overwhelmed with new independence.
While it may seem daunting or resistant to giving back power to their parents, a POA can be exceptionally helpful to students trying to balance the demands of school, jobs and living on their own for the first time.
IFG is here to help. Reach out to one of our experienced advisors today.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice.