Are my kids actually paying their tuition and handling their finances properly and can I make sure?
I’m attorney Michael Jenkins and as an estate planning attorney in San Diego, this is actually a fairly common question that we get and the topic really centers around a financial power of attorney. The call usually goes: We just sent our kid off to college. We got their health care directive set up so we can speak on their behalf for medical conditions but how do we make sure that our kid is paying their monthly obligation? Paying tuition. Filing their taxes. How can we make sure that all this happens?
The answer is now that there are 18 they’re off to college they’re a legal adult. You really can’t without specific documents signed. For many parents, that’s an absolute cause for celebration. They’re 18! They’re out of the house! They’re on their own. However, there are some parents who want to still be there and lend helping hands as their kids get through college and if that’s where you find yourself then the document you want to look into is a financial power of attorney.
There are tons of ways to set up a financial power of attorney. Do we make it durable or non-durable? Limited or general? Immediate or only on incapacity? There’s a lot of variables that go into that document that really define how much power we’re giving and when that power comes into effect and what’s right for one family may not necessarily be right for another. So if you’re someone that wants to lend a helping hand for your kid financially, in terms of helping them manage their finances while they are in college, I would encourage you to sit down with someone and talk through some of those specifics to make sure that you set up a financial power of attorney that makes the most sense.
If you have any questions about financial powers of attorney or estate planning in general always feel free to get in touch with me. I’m here I was happy to help.
