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Legal Documents Every College Student Need: Power of Attorney and Wills

If you are sending your child to college for the first time, you may have a long list of to-do items to ensure full preparation. Add a line on your list to set up the legal documents every college student need.

Once children turn 18, you no longer have legal authority over them. Should something unforeseen happen at college, you may struggle to help with financial and medical decisions because of this lack of legal authority.

At The TGQ Law Firm, we can help you complete the correct legal documents to fully prepare you and your children for college.

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Understanding Power of Attorney

Among the legal documents every college student need are two types of power of attorney:

  • Financial power of attorney: With a financial power of attorney document, parents can help the college student manage finances in case of an emergency. This management may include handling bank accounts, paying bills, and submitting tax payments.
  • Healthcare power of attorney: With a healthcare power of attorney document, parents can make medical decisions for children 18 years or older when the children are unable to do this for themselves in a medical emergency.

Having these documents in place before the child leaves for school gives the entire family peace of mind

Power Of Attorney

Drafting a Will for Young Adults

Many 18-year-olds would imagine they don’t need a will. However, as they transition into adulthood and start to accumulate assets, having a will is important.

Should an unthinkable tragic event happen at school, the family can have some peace of mind about what will happen to the child’s assets when a will is in place. A valid will means you don’t have to worry about family conflicts, either, after a fatal accident.

The basic steps in creating a will for an older child include:

  • Creating a list of assets
  • Designating the beneficiaries for the assets
  • Outlining any directives for the surviving family members

The TGQ Law Firm can help customize your older child’s will to meet any other circumstances you may have.

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Practical Steps for Setting Up Legal Documents

When creating the legal documents every college student need, start with advice from a legal professional. Experienced estate planning attorneys can outline different scenarios and ensure all the documents are prepared and executed properly.

By consulting with an experienced attorney from the beginning, you can be certain you are starting off right. You can then use these first documents as a trustworthy baseline for making changes to your legal documents as you undergo life-changing events in the future.

Those same experienced legal professionals can help you with all the changes and updates you need to make as your child progresses through adulthood.

Common Misconceptions About Legal Documents

The common legal documents every college student need come with the following misconceptions:

  • The person holding power of attorney, or agent, can act recklessly. In reality, all actions must be in the interests of the principal.
  • It’s better to have more than one agent with power of attorney. While it’s certainly possible to have two agents, they must agree on everything, which can lead to issues, so you’re better off sticking with one.
  • Any power of attorney document works in any state. If you are going to college, have your lawyer set up a legal power of attorney in the college’s state.

Young people don’t need a will. As mentioned above, just because someone has just entered adulthood doesn’t mean they have no assets of value. A will simplifies the process of transferring those assets in case of a tragic accident.

The TGQ Law Firm: Your Trusted Partner in Estate Planning

The TGQ Law Firm offers multiple educational resources and workshops to help you with estate planning. We tailor our services to your family’s circumstances and long-term goals. We can help you understand the legal documents every college student need and the importance of those documents.

As a premier estate planning law firm in the state of Michigan, we are ready to provide customized planning services, including creating legal documents. To learn more about how we deliver benefits for young adults and their families, call us today at (734) 707-3232

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Disclaimer: This article is not intended to be legal advice. Everyone’s situation is different and legal advice is only properly given after having reviewed your specific situation.