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Durable financial power of attorney and estate planning

Nevada residents who are going through the estate planning process might want to consider the benefits of adding a durable power of attorney. A power of attorney allows one person to handle the financial affairs of the estate holder. This could include filing tax returns, paying bills, making gifts, depositing checks and more.

A durable power of attorney differs from a regular power of attorney in certain ways. With a regular power of attorney, the arrangement ends if the estate holder becomes incapacitated. A durable power of attorney remains in place if an estate holder becomes incapacitated. A third option is a springing power of attorney, which takes effect only after a person becomes incapacitated. However, the issue that might arise with a springing power of attorney is determining the point at which an individual becomes incapacitated.

Without a durable power of attorney, the estate holder's family might have to go to court to get a guardian appointed. Married people may want to give their spouses power of attorney. A durable medical power of attorney acts similarly to a financial power of attorney; it gives one person the authority to make medical decisions on behalf of the estate holder.

One may want to talk to a lawyer about creating a durable power of attorney for health care and finances. It's also important to speak with loved ones about the responsibility and make sure whoever is chosen will be reliable. Legal counsel could help a client throughout the estate planning process and help make sure that everything is filed properly.

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