Possible responsibilities for financial powers of attorney

On Behalf of | Oct 19, 2020 | Powers Of Attorney

While managing the financial affairs of someone who is no longer capable of making the necessary decisions can be a stressful task, it might be less intimidating with proper planning. Individuals who prepare for the unexpected outcomes of life with estate planning options such as powers of attorney may alleviate a variety of potential future concerns. However, individuals in Nevada who are chosen to act as financial powers of attorney might not always be certain of what responsibilities may come with the territory.

According to experts, a person who is tasked with managing the finances of another party in times of need may have various duties. Some of these duties may include managing accounts ranging anywhere from banking and investment accounts to insurance and utility bills. Financial powers of attorney may also be responsible for safeguarding the principal’s assets, such as caring for the condition of a home or managing monthly subscriptions.

One may also be tasked with managing the principal’s monthly bills and tax obligations. In some cases, a person could also choose to give a POA the power to take certain estate planning actions such as implementing a trust. As there may be a multitude of financial responsibilities involved, reading over documents and making a checklist of duties early on could prove imperative.

Taking care to set clear terms and instructions concerning financial powers of attorney could help alleviate a variety of issues or concerns. Those who wish to better prepare for the unknown could find it helpful to seek insight on how best to approach similar estate planning options. By consulting with an experienced attorney, a person in Nevada could obtain much needed assistance in navigating every step of the estate planning process.