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Different forms of power of attorney

As people age, they tend to lose some of their cognitive function. Maybe their memory slips, or perhaps they find they cannot make financial and legal decisions for themselves. As such, it may be wise to grant a loved one or trusted advisor the power of attorney.

Simply granting someone power of attorney does not necessarily give them the ability to do everything necessary to care for the grantor. There are many different forms of powers of attorney, and you could potentially grant each one to a different individual. Within the scope of powers of attorney, there is financial, healthcare, limited, springing and durable. 

Financial and healthcare powers are rather self-explanatory. Those with this power can make decisions about assets and medical decisions, respectively, if the grantor is incapacitated. A limited power is one that comes into effect during specific situations. It ends when the task is complete or its timeframe ends. A springing power is similar, but it comes into effect in an emergency situation, such as if the grantor is suddenly incapacitated. It ends if the grantor is able to make decisions on their own again.

The final form of power of attorney is durable. If this is granted, the “designated agent” is in control of all finances and healthcare permanently. It goes into effect the moment the legal document is signed and stays in effect until it is canceled by the grantor, or the grantor dies.

Residents of Nevada who would like to designate an agent for any of these forms of power of attorney should consult with an attorney to see which one is best for their situation.

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