The importance of powers of attorney

On Behalf of | Feb 22, 2018 | Powers Of Attorney

Nevada residents may understand how important an estate plan is. They may also be making common yet costly mistakes that could make it difficult to carry out their wishes. One of those mistakes is not reviewing plan documents on a regular basis. Generally speaking, those who have gone more than three years without a review should make time for one right away.

Ideally, a person will have more than just a will as part of their estate plan. Of course, those who don’t have a will should create one as soon as possible. However, it may be necessary to create financial and health care powers of attorney. Failing to designate a person or entity to take care of assets or health care decisions may result in a court making that designation instead. Such documents should be created as soon as possible even if a person is in good health today.

This is because it is impossible to predict when a person may become incapacitated. Even if a person’s health declines slowly, it may be too late to do anything from an estate planning perspective. Concerned friends or family members may also lack the ability to do anything after a certain point. By creating powers of attorney early, there is no need to worry about the future of an estate.

Ideally, an individual will engage in estate planning as soon as possible. This may be done by creating documents either privately or with the help of an attorney. Legal counsel may also be helpful in looking at documents that already exist to ensure that they meet a person’s needs. A regular review of a will or other documents may also increase the odds that they adhere to state law.