What’s age of majority?
Once your loved one reaches this age, they’re legally able to enter into contracts such as leases, car and home purchases, or other similar agreements. It’s important to evaluate your loved one’s ability to make those decisions on their own to know how you can help.
Having the right legal documents in place is an important step in caring for and protecting your loved one with disabilities or special needs, especially as they reach the age of majority.
Power of attorney
Durable vs. springing power of attorney
If you have durable power of attorney, that means you’ll have authority even if the person granting that authority becomes incapacitated. However, you don’t continue to have any authority if that person dies or formally revokes power. Alternatively, if you have non-durable power of attorney, you’ll lose your authority if the person granting that authority becomes incapacitated.
A springing power of attorney doesn’t go into effect right away, but automatically starts under certain specified conditions. That means you wouldn’t have any authority until the conditionsare met. These conditions typically include the person granting power of attorney becoming incapacitated.
General vs. limited power of attorney
If you have general power of attorney it applies to all affairs, such as opening financial accounts and managing personal finances.
A limited power of attorney means your authority only applies to certain assets or accounts owned, such as granting authority to sell a home.