With your children on their way back to school to start or resume college this fall, it’s important to recognize that they now have legal autonomy and can make their own personal choices as they grow into an adult. However, in the event your child has a medical concern or a minor issue such as the need to renew a passport while they’re out of the country, you may need to establish your ability to provide support via a power of attorney. We’ll go over the process for establishing powers of attorney for your college-aged child in this post.
If you are completing these forms at home, make sure you're confident that you're doing it right, as handling your power of attorney needs in a DIY fashion is one of the easiest ways people cause serious problems with their plans.
Completing the Required Power of Attorney Document
In establishing power of attorney for a child, it’s important that you first have access to the suitable form for the type of power of attorney you wish to gain. There are several specific powers of attorney available to Colorado parents caring for a college-aged child. These options include the following:
Medical Powers of Attorney
As a power of attorney for medical concerns, you’ll be able to make medical decisions for your adult child if they are unable to make decisions for themselves. This might be utilized if your child is going through surgery and requires a parent to sign off on treatment options when they are unable.
Limited Powers of Attorney
In situations where a specific financial decision must be made, a limited power of attorney allows the holder to make that decision for their child. Once the decision has been made or the process completed, the document expires.
General Powers of Attorney
This document allows you as the parent to handle all financial decisions for your child. The leading stipulation is that all decisions made must be to the benefit of the principal (your child).
Once the documents have been completed and signed by both you and your adult child, the power of attorney must then be filed with the Colorado state government’s offices. Once the documents have been filed and ratified by government officials, you will then be granted power of attorney for your adult child.
The process and laws for establishing powers of attorney can often be complex. It’s important that you work directly with a local lawyer to ensure you complete the forms correctly and to make sure any questions are answered based on qualified legal advice. To learn more on establishing powers of attorney for a college-aged child, contact our office today!