Individuals in Nevada and across the nation may encounter a variety of topics to address and decisions to make while attempting to create a strategy for the future. While planning for the unknown, individuals may come across the option to designate another party to act on their behalf should they became seriously ill or incapacitated. However, some might not fully understand what a power of attorney is and the potential benefits that a similar estate planning option may offer.
A power of attorney is an estate planning option that allows a person to choose another party to act on his or her behalf should the need arise. Some instances in which one might benefit from having a similar strategy in place could include a scenario in which a person becomes incapacitated and is thus incapable of making the necessary medical or financial decisions. A person also retains the right to alter the terms of the arrangement, or even revoke it, provided he or she does so while in a mentally competent state.
When setting up a power of attorney, a person may also choose to set terms as to the types of actions or decisions this party will be capable of making. One could also set terms to have the arrangement activate immediately or to have it only come into effect under certain circumstances. While there may be a variety of instances in which having a power of attorney could prove imperative, choosing someone to fulfill this role might not always be such an easy task.
Individuals who wish to safeguard their futures by including a power of attorney in their estate planning goals may still need guidance in fully understanding their options. Fortunately, there are attorneys who can provide a person in Nevada with much needed insight in making informed choices about the future. This type of guidance could help a person better prepare to safeguard his or her interests by creating an estate plan that covers every possible scenario in life.