Did you know that young people who turn 18 should sign Powers of Attorney, healthcare and financial? The reason is that parental authority is terminated at that time. If a young person becomes disabled due to injury or disease after reaching 18, parents lack the legal authority to make many medical and financial decisions for such an adult child. Without Powers of Attorney for the young person, parents may have to go to court and petition to be appointed guardian and/or conservator for their legally adult child. Such court appointments are complicated and expensive. In conservatorships, which empower the conservator to manage the finances of a disabled person, court accounting is usually required every year. That is an on-going and steep cost that could have been avoided if only Powers of Attorney had been signed. True, most young people do not have substantial financial estates. But what if the accident that disabled the young person resulted in a substantial monetary recovery as a result of a law suit? Suddenly, a young disabled person could have a huge estate needing management. After a cognitive disability it may be too late to sign Powers of Attorney, leaving the family of a young disabled person with no other option than going to court.
People who Turn 18 Should Sign Powers of Attorney, Healthcare and Financial
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