Although Pennsylvania estate plan advisers advise the creation of a durable power of attorney for your finances during your later years, is the same document viable for a young adult just embarking on life? After a child reaches his or her 18th birthday, they are legally considered adults, and you have no say in their matters. Yet, some situations call for extra help.
Situations where young adults need help
Not all young adults require a durable power of attorney. Yet, this useful estate planning tool can help young adults in several situations. A durable power of attorney is essential for disabled young adults who cannot express their wishes. You would consider taking this step and designating who can speak for a young adult in this situation before their 18th birthday.
However, other young adults may be fully able to express their wishes yet may not have the emotional maturity or knowledge to make the right decisions. In these situations, a durable power of attorney may be the solution for a parent to speak for their adult children in certain situations. This document allows you to act on your adult child’s behalf n the event of incapacity or absence.
What reasons qualify for a durable power of attorney?
Having your child designate you as their agent for some issues has some decided life care planning advantages for a young adult who is away at school. Many parents have run into problems when their child is injured or seriously ill while in college. Often, parents cannot legally make decisions for their children when this happens. With a durable power of attorney, you retain control.
Sometimes young adults are aware that they may not make the wisest decisions. A durable power of attorney will help your child make the transition to adulthood. Thirdly, if you young adult is living abroad or halfway across the country, this document can help you accomplish tasks like selling large personal items like cars, buying real estate or performing other life events that they would need to be in attendance to achieve.