When considering your estate plan, it can be immensely beneficial for you to determine who you might want to act as your power of attorney agent. Appointing an agent could save much time, effort and emotional turmoil in the event that you suddenly become incapacitated and unable to make financial decisions for yourself.
Of course, you may feel hesitant to make such an appointment because handing over the reins of your finances to someone else could prove disastrous. Unfortunately, some unscrupulous individuals do take advantage of vulnerable parties while in positions of power, so power of attorney abuse is a real concern. Luckily, you could take steps toward limiting the abuse of such power.
Use your documents
When creating a power of attorney document, you do not simply fill in the name of your agent and leave it at that. You can put as much detail in to your document as you wish. This ability means that you can limit the amount of power your agent actually has by instructing when the agent can act, how the person can act, and what funds he or she may use. You could also add stipulations relating to the determination of your incapacitation.
One of the biggest ways to work toward preventing power of attorney abuse involves choosing the right person. You may feel as if you have limited options and must choose your closest relative, but you actually have other choices. In fact, you could even choose a financial advisor or other professional or entity to act as your agent if you wished.
You may want to take many aspects of your candidates under consideration before coming to a conclusion. Choosing someone responsible, loyal and trustworthy and who has a sense of duty may work in your best interests. Additionally, you could also have your candidate check in with another relative or a financial professional in order to have someone else double-check that your agent is acting within the boundaries of his or her given power.
Creating your document
The information you include in your power of attorney document is unique to your situation. Therefore, you can give it as much consideration as you wish. If you feel that outside assistance from a legal professional could help you understand the options that could best suit your needs, you may wish to consult with a Nevada attorney.