Your College Student, Is Not A Kid Anymore – The Importance of Powers of Attorney for your children over 18!
When your child turns 18 they become legal adults. This means you no longer have automatic rights to access their financial, educational or medical information, even in emergencies. Establishing Powers of Attorney (POAs) are essential to ensure you can assist them when needed.
Types of Powers of Attorney:
- Financial Power of Attorney (FPOA): This allows you to manage your student's financial matters, such as banking, paying bills, or handling leases, if they are unable to do so. In Nevada, an FPOA is presumed valid if notarized. A properly drafted POA should also include the right to access their educational records.
- Healthcare Power of Attorney (HPOA): This permits you to make medical decisions on your child's behalf if they cannot. The HCPOA must be signed by the principal (your child) and either notarized or witnessed by two adults who know the principal personally.
Why Are These Important?
- Emergency Situations: Without these documents, if your child is incapacitated, you may face legal hurdles in making timely decisions regarding their health or finances.
- Privacy Laws: Laws like HIPAA protect your child's medical information. An HPOA ensures you have access when necessary.
Steps to Establish Powers of Attorney in Nevada:
- Discuss with Your Child: Ensure they understand the importance and agree to grant you these powers.
- Draft the Documents: Use Nevada's statutory forms for both FPOA and HPOA to ensure compliance with state laws.
- Execute Properly:
- FPOA: Your child must sign the document, in the presence of a notary public.
- HPOA: Your child must sign, and the signature should be either notarized or witnessed by two adults who know your child personally.
- Distribute Copies: Provide copies to relevant parties, such as healthcare providers and financial institutions, and keep originals in a safe place.
By setting up these Powers of Attorney, you ensure that you can support your college students effectively during their time away, safeguarding their well-being and your peace of mind. If you need help drafting or executing these important documents, contact Surratt Law today to get started.