Most Nevada residents tend to prefer to make their own day-to-day financial decisions. They are quite comfortable deciding which bills should be paid when and how much should be spent on other items. The need for another individual to be given the power to perform these mundane daily tasks seem frivolous until one looks ahead to see what may be coming. With the possibility of dementia, other medical conditions or a variety of other issues arising in the future, many individuals find that establishing someone to act as a financial power of attorney is a good idea.
Once an individual begins to show signs of dementia or other mental illnesses, it may be too late for him or her to appoint a power of attorney. In this case, after the family has recognized the problem, they may then have to go through the court system to have someone appointed as a guardian to handle financial matters. This can be a costly and time-consuming process.
It is also possible that an individual will be injured as the result of an accident. Or, for some other reason, one may be unable to make necessary financial decisions when they need to be made. Again, a previously established power of attorney will alleviate such a problem.
That fact that someone is appointed to act as a Nevada resident’s power of attorney for financial matters does not mean that he or she immediately takes over and begins making financial decisions for the individual. It simply means that another person has been given the authority to make these decisions if the need should arise. To ensure that the power of attorney will be honored, it may be necessary to seek guidance in its establishment.
Source: lifehealthpro.com, “Financial power of attorney: weighing the benefits”, Tom Nawrocki, May 17, 2014