As a college student, you're probably more concerned with acing your exams and figuring out your post-graduation plans than setting up a power of attorney (POA). However, despite the fact that it might seem like something meant for older adults, having a POA in place is crucial for individuals of all ages, including those in college.
Why Should College Students Consider a Power of Attorney?
A power of attorney is a legal document that allows you to appoint someone to manage your affairs in case you cannot. This could be due to a medical emergency, studying abroad, or even being unavailable due to a busy schedule.
Imagine being in a foreign country and needing someone to handle your financial matters back home. Or consider a situation where you're not able to talk or make your wishes known due to an accident; a POA will ensure someone you trust has the authority to make decisions on your behalf.
The Benefits of Having a Power of Attorney
It's not pleasant to think about, but being prepared can save you and your loved ones a lot of stress and complications. The primary benefit of having a POA is peace of mind. Knowing that someone you trust is legally able to step in and manage your affairs, if necessary, can provide significant relief. It ensures that your wishes are carried out according to your preferences, regarding healthcare decisions or financial matters.
Types of Powers of Attorney and How to Set One Up
There are different types of POA, each serving a unique purpose:
Power of Attorney: This gives broad powers, primarily if you are incapacitated, to the person you appoint, to pay bills, handle financial and business transactions, make decisions about property, or manage legal claims.Healthcare Power of Attorney: This appoints someone to make medical decisions for you if you are unable to do so. To get a college plan in place, give Mason Law & Planning a call today!