Many Boomers are still raising that last child, or even a grandchild, and at the same
time trying to help aging parents. Both need our help, sometimes at the same time!
Powers of Attorney can ensure that you have the ability to provide the necessary help.
Many parents are surprised to find that even though they still provide health
insurance, food, clothing, a car, and pay all expenses, they no longer have direct access
to their child’s educational, medical and even some financial information once that
child turns eighteen. It may seem nonsensical, but without a Power of Attorney you
cannot access your new adult child’s health care information even though they are
covered on your policy of health insurance. If the proper legal document is in place,
and with the agreement of your new young adult, that same access may continue.
Powers of Attorney are just as important to allow you to help young adults as they
are to allow you to help aging parents. Powers of Attorney allow an individual to give
financial and/or medical powers to another person. For example, your young adult can
execute a Power of Attorney to allow you to access financial accounts as well as
healthcare and educational records. Effectively, it may allow you similar access to
information that you had before that child turned eighteen.
As our children prepare for life after high school, be certain that they have a basic
understanding of the legal consequences of becoming an adult. The Indiana State Bar
Association publishes a great reference for young adults regarding various areas of the
law. I am happy to provide a copy upon request. In addition, let them know that they
are able to sign Powers of Attorney that will allow you to continue to assist them. Most
of our new young adults can still use our help.
Anne Hensley Poindexter, Partner
CAMPBELL KYLE PROFFITT LLP