University is a critical turning point for any individual as they come of age, and while it brings independence, it also comes with responsibilities. Among these responsibilities is the need to ensure your affairs are in order should unforeseen circumstances arise.
Here’s where the power of attorney form steps in as a potential safeguard. Creating a new document or replacing an old power of attorney can help your son or daughter get through their university years and give you peace of mind. The same can be said for students. Allowing your parents to stay in charge of your affairs can make it easier for you to concentrate on your studies.
Keep reading to find out all there is to know about power of attorney (POA) forms and what their benefits are for uni students.
In the intricate legal system of the UK, a power of attorney is a legal commitment where one individual, termed as the ‘donor’, entrusts another, the ‘attorney’, to make decisions on their behalf. This isn’t a one-size-fits-all scenario; there are distinct types designed for varying needs.
Many times a power of attorney is created for ill parents or siblings, but having your child sign authority over to you can be a huge help during their university years.
The ordinary power of attorney (OPA) is ideal for temporary situations. For example, imagine a student taking time off or travelling for a semester exchange; they’d require someone to oversee their affairs, be it academic or financial, in their absence.
On the other hand, the lasting power of attorney (LPA) delves deeper and is bifurcated further. The property and financial affairs LPA grants the attorney with the authority to make financial decisions. This could span from overseeing bank transactions to even selling a property. In contrast, the health and welfare LPA gives the attorney the right to make more personal decisions, such as those related to medical treatments or daily care.
Understanding what POA forms is crucial, but it’s also essential to understand why you should create one for your son or daughter to sign in the first place.
Below you can read about some key benefits of having your 18-year-old or older child sign a power of attorney form.
While you may just think the previous benefits are useful when it comes to estate planning, a power of attorney can be especially helpful for students in the following ways:
As a parent, you may completely trust your student, and want them to be independent. However, some would benefit more than others when it comes to financial or healthcare decisions.
The following groups of students are likely most in need of signing a power of attorney:
If you decide to go ahead and create the document, the first step is choosing an attorney in your area.
For an LPA to be used, it’s imperative to register it with the Office of the Public Guardian. Though this involves a fee, students might qualify for reductions based on certain criteria.
In conclusion, signing a power of attorney form provides an added layer of security during the unpredictable university years. By preparing for the unforeseen, students can focus on their academics and personal growth, knowing they’ve taken steps to safeguard their future.