Having legal affairs in order should be part of back-to-school plan
By GUEST CONTRIBUTOR BORG LAW GROUP. CREATED Aug 5, 2015
Young adults excitedly preparing to live life on their own for the first time often think of all the necessities of dorm life, college text books and possibly a computer to help them get started. College freshmen may still seem like children, but in the eyes of the law, at age 18, they’re adults. While parents and grandparents are sending their children off with all the proper items for independent living, they often forget some important items – medical and financial powers of attorney.
Parents often are misled in thinking they can automatically act on their child’s behalf, making health care and financial decisions if he/she are unable to make them on their own, said Brooke Borg of Borg Law Group. In reality, parents, grandparents and/or some legal guardians lose that right the minute the child turns 18.
A medical or health care power of attorney allows parents – or whoever the young adult designates – to make health care decisions for them in the event they are unable to make those decisions themselves.
The financial power of attorney allows the person named to have access to bank accounts, to sign deeds, checks and other legal documents as well as manage the financial affairs of the young adult if he/she is unable to take those actions themselves.
“Health care and financial powers of attorney are equally important, although they serve two very different purposes,” Borg said. “Many think an 18-year-old doesn’t have much of a financial history, but, other than bank account information, they can sign deeds, cancel apartment rentals and a host of other decisions on their behalf.”
The Nevada Secretary of State accepts properly prepared documents for its free Living Will Lockbox program, which electronically stores such documents and submits them to medical providers upon request in conjunction with the registrant’s medical care.
“It’s a great service for anyone who either already has their documents in place or is planning on it,” Borg said. “Once approved, the Secretary of State sends you a card with a pass code on it. You can keep the card in your wallet and if the unimaginable happens, your healthcare providers can enter that pass code on the computer and have immediate access to your wishes regarding life support and contact information of your appointee. It’s a great resource for anyone.”
Borg Law Group provides legal services to individuals and businesses in the areas of estate planning, probate, corporate law and real estate law. The firm’s founder, Brooke Borg, is admitted to the State Bar of Nevada and the State Bar of Michigan.
For more information regarding Borg Law Group call 702-318-8808 or visit www.BorgLawGroup.com.