Who To Choose As An Attorney-In-Fact?

When getting ready to draft and prepare a POA, it’s essential that your college student carefully considers who they want to designate as their attorney-in-fact. Essential traits of good attorneys-in-fact are someone that is dependable, accessible, trustworthy, and who would put your child’s best interests above all when acting.

The attorney-in-fact should be someone willing and able to take on the responsibility of making important decisions on behalf of your student. It’s also important to consider designating backups, which we call alternate attorneys-in-fact. They can step in when the designated primary attorney-in-fact is unable or unwilling to act on behalf of your college student.

While some students may choose to designate a parent as the attorney-in-fact, it’s not always necessary or advisable. The most important thing is to choose someone who is best suited to handle the responsibilities of the POA. If a student has a trusted friend or family member that is familiar with their medical and financial history, they may be a better choice than a parent. themselves.

Creating a Power of Attorney is an important step in preparing for college and adulthood. It is equally important that as parents, if we are designated as an attorney-in-fact by our child, we act properly. A Power of Attorney is not meant to be used as a tool for control or pressure. So, those helicopter parents out there – use your powers wisely!

If you, the parent, are selected, talk to your college student, and go over scenarios when someone might need to step in and act on their behalf. Ask them what they would like to do if they are unable to make decisions, and it is very important LISTEN TO THEM!

Scope Of Powers Granted – Broad or Restricted

Finally, let us now discuss the final important topic in regard to creating a Rock Solid Power of Attorney – what should the SCOPE of powers granted in your college student’s Power of Attorney? The “Scope” references how narrow or broad, are the powers that your college student GRANTS to the attorney-in-fact.

A POA can be general, giving the attorney-in-fact broad authority to act on behalf of the student. They can be limited, restricting their power to specific matters. For college students, a limited POA may be appropriate, focusing financial matters and even healthcare decisions. This is why hiring an attorney who drafts Powers of Attorney regularly is important, rather than pulling a one-sized fits all form off the internet.

If your college student needs help, consider hiring an attorney. They need to explore types of powers they feel comfortable granting to another person. They should consider their personal values, beliefs, and priorities when deciding. Additionally, they should consider actual or potential consequences that may arise if they grant specific powers to untrustworthy family members or friends.

To get them thinking, we have included the top 5 powers that typically are included in a College Power of Attorney, as well as the top 5 powers that might be limited, restricted, or excluded.

Top 5 things to include:

1. 1. 1. 1. Financial management: The power to access the student’s bank accounts and manage their finances.
         2. Access to academic records: The power to access the student’s educational records and information.
         3. Healthcare decisions: The power to make medical decisions on behalf of the student in case of incapacity. This can also be done via a Healthcare Surrogate or Proxy.
         4. Lease or rental agreements: The power to manage lease or rental agreements, including renewals and terminations.
         5. Access to digital assets: The power to access and manage the student’s digital assets, such as social media accounts, email, and other apps. They need to know their logins and passwords.

Top 5 things that might be limited, restricted, or excluded:

1. 1. 1. 1. Specific assets or accounts. The power to manage only certain assets or accounts rather than all of them. There may also be clauses limiting the ability to sell or transfer assets.
         2. Social Media. While allowing access to certain digital assets might be necessary, giving friends and family full access to your social media applications and even dating apps should be carefully considered. It may do more harm than good.
         3. Like Social Media, granting access to your email accounts should be done carefully. Our email inboxes and outboxes are full of sensitive and personal information. If giving access to your email is necessary, you may still want to consider putting restrictions on what you authorize.
         4. Do you want your family member or friend to sell or transfer your car, motorcycle, or boat?
         5. Signing Contracts or Acting for Their Business: Today, more than ever, college students are going into college with side gigs. In fact, some might even leave college or forego it all together to pursue their own business ideas. What your attorney-in-fact can or cannot do in regard to your ongoing contracts or businesses, is a topic that should be carefully considered.

Power Of Attorney For College Students

Preparing for college is an exciting time. If your child is preparing for it now, you know it will be here quicker than you think. In the mix of everything important, do not to overlook the need for legal documents your college student needs. This includes a college Power of Attorney.

We all want to protect our college students! Don’t forget to ensure that they have all the legal documents in place before that first day of college.