Some older people in Nevada may be at risk of fraud and exploitation. Among people between the ages of 70 and 74, around 12 percent experience mild cognitive impairment. Almost two-thirds of people older than 84 suffer from MCI, and this could make them more vulnerable.
Careful estate planning is a necessary part of how Nevada residents can make sure their interests are protected. They should take steps now to make plans for unexpected situations in which they may not be able to make important decisions on their own. Having legal documents in place, such as powers of attorney, can help prevent conflict among family members and provide a guide for how to decide on matters related to the health or wealth of the incapacitated loved one.
Some people in Nevada may think of estate planning as only involving how they will transfer assets to beneficiaries. While this is an important aspect of it, it also is important that a person arranges to be cared for in the case of incapacity. This involves both financial and health care planning.
A power of attorney makes it possible for a person to have his or her wishes met while incapacitated. Nevada residents who create a power of attorney will draft such documents while they are still of sound mind. If a person is married, a spouse generally has the ability to make medical decisions for that individual. However, there may be situations in which the spouse is not able to do so.
Nevada residents who are creating an estate plan may also need a power of attorney. A power of attorney appoints an agent to manage the person's financial affairs if the person becomes incapacitated. The person creating the power of attorney is known as the principal. A power of attorney is an important part of an estate plan, but a person should make sure that there is no coercion around creating the power of attorney or giving the agent certain powers.
One aspect of an estate plan for Nevada residents may be a power of attorney. A power of attorney appoints someone to act on the principal's behalf. It may be durable or nondurable, and the former may be a better choice than the latter.
When Nevada residents begin the estate planning process, they are often concerned with ensuring that their assets are fairly distributed to their children and loved ones. Another consideration, however, is less obvious, and that is how to make the executor's job easier.
Some Nevada residents may wonder whether they need to include a power of attorney in their estate plan. An estate plan is important for everyone, but in particular, people who do not have children or a spouse may need to take certain steps to ensure that their wishes are carried out. For example, a person whose closest relatives are half-siblings may be closest to one and want to leave the estate to that person.
Powers of attorney are among the most useful, flexible instruments in estate planning law. Legislative changes in Nevada and across the country, though, have given health care providers and financial institutions new reasons to reject them. There are steps that individuals can take, either on their own or through their attorneys, to ensure the continued effectiveness of powers of attorney.
Las Vegas residents may benefit from having both medical and financial powers of attorney as part of their estate plan. These documents allow an individual to appoint someone to handle his or her affairs if that person cannot. However, changes to the law may result in a financial institution or a healthcare provider to reject the document. The first step to avoiding this fate may be to talk with an estate planning attorney.