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

 

 

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