As Nevada residents get older, they may start having problems making financial choices for themselves if they develop a mental condition, such as Alzheimer’s or dementia. It is very important that a power of attorney is set up before this happens that will allow a trusted person to make financial choices for them if they become incapacitated.
It is best to have this paperwork set up well in advance because people may resist having a power of attorney set up as they start to lose their faculties. If an individual refuses to allow a trusted individual to be granted these powers, the only way to have them established is to have the individual declared incapacitated. Once an individual is declared incapacitated, he or she can have a guardian appointed by the court.
However, obtaining this declaration made can be a difficult process, both emotionally and financially. This may especially be the case if the person being declared incapacitated fights it. Even in regular circumstances, the process can take several weeks. During this time, people who do not have the mental capability to make responsible choices for themselves may put themselves into a bad financial situation. Therefore, it is best to have these documents prepared and signed well in advance.
Powers of attorney are just one of many available estate planning documents that may be able to help a person ensure that they and their finances are taken care of. Individuals may also want to look into having a health care proxy designated who can make medical choices for them if they cannot do so for themselves. An estate planning attorney can describe the nature and purposes of these types of documents and assist in their preparation.