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Establishing a power of attorney now is usually a good idea

The majority of young or even middle age adults often give little thought to the need for a power of attorney. They are busy working and building their nest egg for their retirement years. This time of life centers on family and business. However, even these Nevada residents should give consideration to establishing a power of attorney now while they are in a position to do so.

One perhaps more immediate reason to need a power of attorney would be the need to take care of important business in the event that the individual is away, or even out of the country, and unable to do so. In this case, the selected person would be able to complete the transaction and take care of business for the individual. While this scenario may not apply to all, it certainly applies to military families and others who do occasionally travel.

Another scenario in which a power of attorney would prove beneficial is in the event of a debilitating accident or illness. In the event that the individual is unable to make decisions for him or herself due to an accident or impaired mental capacity, it is important to have someone already appointed and legally capable of making such decisions. A previously established power of attorney will save the family from the ordeal of going through the court system to have a legal guardian appointed.

The thought of being unable to take care of personal business is typically not given much consideration until the Nevada resident is approaching retirement age. However, there are numerous circumstances in which a power of attorney could be necessary prior to then. By planning ahead, the individual is able to make his or her own decisions even when he or she is unable to do so personally.

Source: nj.com, Szymanski: The best estate planning covers all stages of life, Eleanore Szymanski, Feb. 23, 2014

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