Do You Need A Power Of Attorney For Your Child?
Is your child going into college or university? Perhaps they’re planning to take a gap year or live with relatives abroad. If you’re concerned about your ability to provide financial care remotely – you should consider getting a Power of Attorney in place for your adult child.
The September back to school rush is all but over, and both parents and children are starting to roll into their daily routine.
For many parents, it may be an unsettling period. The contrast from seeing your child all summer, to barely seeing them at all during school days, is quite significant. Being physically unable to see your child makes you wonder – how do you ensure their safety when you’re not able to be there?
For many overseas students living with their relatives having a Power of Attorney in place for them could be a wise idea, so that their parents at home have signing authority for their child for any financial related matters that may creep up while they are away.
While you may have finally arranged for accommodations and school payments this term – what about when your child moves to a different city for an internship? Does your child plan to stay with relatives? How will they pay for their bills? If they opt for a gap year or take a holiday overseas – how do you make arrangements for rentals?
Having a Power of Attorney can simplify handling financial matters, and you never know when it will be needed. In any scenario where you expect a prolonged period of time away from your child, you should consider drafting a Power of Attorney.
Some common scenarios that require a Power of Attorney for your child include:
- College or University students who are planning to study overseas;
- Adult Children who are planning to take a gap year abroad;
- Adult Children who are living with distant relatives;
- Children in general who are moving away from their parents but still require financial support
- And more
Don’t be caught by surprise – drafting a Power of Attorney can save you more trouble than you may think. If you have any questions on whether or not your situation requires a Power of Attorney, or notary public and lawyer Kieran Morris will be able to help.