The advantages of a power of attorney

On Behalf of | Aug 24, 2017 | Powers Of Attorney

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.

The reason for this is that the durable power of attorney can be useful if a person becomes incapacitated. A nondurable power of attorney does not apply if the person is incapacitated. With a durable power of attorney, it is possible to file tax returns and do other tasks that may be necessary. A person who is uncomfortable with another person having the ability to do this when there is no incapacitation might want to look into a springing power of attorney. This is a type of durable power of attorney that kicks in when the person becomes incapacitated.

A person should make a careful choice as to who should have this responsibility. It may be a child, spouse or other relative, or it could be a family friend. A professional might also be named. Naming co-agents keeps one person from having all the power. A person may want to work with a professional to create the power of attorney so there are no errors in the document.

A power of attorney is not just for financial matters. Health care powers of attorney name a person or people to make health care decisions if the principal becomes incapacitated. This may be the same person who has financial power of attorney or someone different. A person may want to discuss wishes for treatment and end-of-life care with whoever is chosen to have health care power of attorney. This could also be put into writing as a document that could be shared with health care providers.