Most children cannot wait to turn 18. However, some parents have a difficult time with this birthday, as it means their child is legally an adult. This also means it may be time to start estate planning for your child. This is important because once a child turns 18, parents generally no longer have the authority to make health care decisions or manage their child’s financial matters. One way to continue to be involved in these important decisions is to be listed as an agent in your child’s power of attorney.
Types of powers of attorney:
There are numerous types of powers of attorney in Michigan. The main options include:
- Immediate power of attorney: Thi type of power of attorney goes into effect as soon as the document has been executed.
- Springing power of attorney: This power of attorney goes into effect only when a specific event occurs, for example in the event that an individual becomes incapacitated. You can work with an attorney to set your own standards of incapacity.
- Durable power of attorney: This document stays in effect when you become incapacitated and remains in effect over time.
- Non-Durable power of attorney: In this situation, the power of attorney is terminated in the event you become incapacitated or disabled
What can an attorney-in-fact do?
The person you name in your power of attorney is known as an attorney-in-fact. This individual may be able to do the following on your behalf:
- Pay bills
- Buy and sell property
- Making bank deposits, withdrawals, and other transactions
- Employ caretakers for either in-home care or otherwise
- Deal with Social Security issues
- Transfer assets to a trust
- File tax returns
- Obtain medical records
- File medical claims
If you and your child are interested in creating a power of attorney, our firm is here to help. Reach out today to discuss your options with an experienced estate planning attorney.
Contact Our Michigan Firm
If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.
