Planning Ahead: Why Every Parent Should Consider Setting Up a Power of Attorney

Most of the time, when you hear about power of attorney, it is an aspect of estate planning or end-of-life care. This means you probably haven’t considered how a power of attorney could benefit you as a parent.

There are many types of power of attorney, and different types can have benefits for parents. If you’re looking into how a power of attorney could benefit you, or you need guidance on how to fill in a free printable power of attorney, then you’ve come to the right place.

In this article, we’re going to go over why parents should consider setting up a power of attorney, how it might benefit them, and the considerations they should make before doing so. Take a look below now to learn more.

What is a Power of Attorney?

A power of attorney (POA) is a type of legal document that allows one person, known as the agent, to make decisions on behalf of another, known as the principal. Matters that an agent can have authority over include everything from medical decisions and healthcare considerations to legal and financial matters.

Different POAs mean different areas of authority as well as durations, revocation terms, and more.

Why Every Parent Should Consider Setting Up a Power of Attorney

For parents, there are some specific situations where a POA would be beneficial. These include the following.

●    Childcare and guardianship: A POA gives parents the ability to choose an individual who can make decisions on behalf of their children if the parent is unable to do so themselves. This could be due to an accident or illness that has rendered them incapacitated or even for parents who work abroad and might not be contactable.

●    Medical decisions: This can be used to ensure that your child gets the right care if you are not present to decide. As a child cannot make informed decisions about healthcare, appointing an agent who can make the decisions on your behalf can mean that your child gets the care they need promptly.

●    Financial decisions: If a parent is not available, then a POA means that a child can still access their bank accounts and other financial support with the help of an agent.

●    Educational decisions: A POA can also allow an agent to make decisions regarding your child’s education when you cannot. This could include consenting to educational evaluations and accessing educational records. It means your child’s education goes on uninterrupted in your absence.

●    Emergencies: In case of an emergency, a POA provides peace of mind that someone can step in and take care of your child’s interests even if you aren’t able to do it yourself.

Setting Up a Power of Attorney: Steps to Take and Considerations to Make

Creating a POA as a parent usually means creating a Child or Minor POA. This kind of power of attorney grants parental rights to the agent under specific circumstances. Generally, they can only be in place for 6 to 12 months, but they can be renewed.

Below are the steps to take and considerations to make when creating this kind of POA.

●    Choose an agent: Choosing the person who will take over parental responsibilities for your child in your absence is a big decision. Remember that they will be making decisions on your behalf, and you need to be able to trust them to carry out your wishes and act in your child’s best interests.

●    Parameters of authority: You will need to set clear limitations for what the agent can and cannot do on your behalf. You might want to restrict decisions to healthcare or medical decisions, or you might want to focus only on their educational needs. Make sure this is clear.

●    Check local laws: Each state has its own regulations on POAs, including witnesses and notaries. We always recommend notarizing POAs for legal protection, but some states don’t actually require it.

●    Make sure everyone signs: A POA is not binding until all required parties have signed it. It should also include revocation and termination conditions as well as personal and contact information for all parties.

●    Legal advice: If in doubt, you should seek legal advice from a professional. As this POA regards your child’s interests, you might want to be extra certain that the POA you’ve created is legally sound and protects your child.

Final Thoughts

As a parent, ensuring that your child is safe and cared for is your number one priority. So if the unforeseen were to happen, it’s going to give you peace of mind to have something in place that keeps them safe. This is a POA.

We’ve covered all of the benefits of POA in this article. If you decide to set one up, remember to choose your agent carefully and be clear about the limitations and revocation of the POA.