Under Nevada law, powers of attorney come in two forms. The first are called conventional powers of attorney, the second, durable powers of attorney. Which form is best will depend on the grantor’s desires and circumstances. A power of attorney is a form of legal permission allowing another to act on a person’s behalf. The person who holds the power of attorney is known as the attorney in fact. He or she must have reached the age of majority, as managing contractual obligations and entering into contracts are among the duties performed by attorneys in fact. The person chosen may, but need not, be a relative and he or she must agree to the task.
Typically, powers of attorney allow the attorney in fact to handle financial issues or health care decisions, but they may be drafted to fit any number of situations. A conventional power of attorney exists for a limited period of time and covers a specific purpose. For example, a person may grant a power of attorney to cover the duration of an extended international vacation, during which the attorney in fact can act on behalf of the person to pay bills or make other financial decisions.
A durable power of attorney, on the other hand, may cover a broad range of purposes and may remain in effect indefinitely. For example, a durable power of attorney may be useful if a person wishes to grant another control over all financial decisions until the death of the grantor. Durable powers of attorney can be drafted to take effect only on the occurrence of a specified event such as the incapacity of the grantor.
In order to be enforceable, a power of attorney must be in writing and signed. They are often notarized, but the signatures of two qualified witnesses will be sufficient in the absence of notarization. An estate planning lawyer may be able to answer questions about the advantages and limitations of powers of attorney.
Source: Nevada State Bar, “Power of Attorney Forms”, September 08, 2014