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Powers of attorney important in an estate plan

Many people in Las Vegas want to make sure that their affairs are in order in case of a sudden emergency or unexpected incapacity. However, it may not always be clear what types of safeguards are necessary in order for people to achieve their goals. For example, many married couples own a substantial amount of property as joint owners, from bank accounts to investment funds to their family home. They may wonder if they also need to give each other power of attorney for financial matters in case of incapacity or if joint ownership is sufficient to handle the matter.

Creating an estate plan when a person has a chronic illness

Those living in Nevada and anywhere else in the country who have a chronic illness should create an estate plan. The same is true for those who have loved ones who are dealing with cancer, Alzheimer's disease or similar conditions. By 2020, it is expected that 157 million Americans will be dealing with an issue that causes ongoing and long-term health issues.

Using a durable financial power of attorney in estate planning

A financial durable power of attorney could be an important part of an estate plan for some people in Nevada. This allows someone to manage a person's finances if that person becomes incapacitated. Unlike a regular financial power of attorney, it will not become invalid when a person becomes incapacitated.

Power of attorney is an essential estate planning tool

When many people in Las Vegas think of estate planning, they often imagine a will or trust. They would be correct in considering these to be the foundations of a proper estate plan. However, estate planning attorneys may advise that other documents are just as necessary. One of the more important documents is the power of attorney.

Health care powers of attorney can aid decision-making

When Nevada residents think about estate planning, they may consider it a matter for dealing with wills or trusts. However, some of the most important documents can affect the way people are treated while they are alive but incapacitated. Many people have strong feelings about the kind of treatment they receive when they are in a situation where they are unable to make their own medical decisions. A health care power of attorney can ensure that a trusted person is responsible for making those decisions in such a situation.

Common misconceptions regarding powers of attorney

A power of attorney is a legal document meant to transfer the ability to make certain decisions to another trusted individual under certain circumstances. While it may seem relatively straightforward, there are still some common misconceptions that Nevadans have about this type of document. Not having a full understanding of what to expect with a POA can result in some unexpected conflicts or legal challenges.

Revoking powers of attorney in Nevada

A power of attorney is the ability act on another's behalf in certain legal situations. In certain situations, the grantor may want to revoke these powers from an individual. If the POA has a specific termination date, it will cease to be effective as of that date. However, most powers of attorney are durable, which means they're intended to be effective for an indefinite period of time.

Estate planning after an Alzheimer's diagnosis

There are certain steps people in Nevada and their loved ones may need to take after a diagnosis of Alzheimer's. According to the Alzheimer's Association, it is the country's most expensive disease. Making plans after an Alzheimer's diagnosis involves both financial and other types of preparation.

Final arrangement plans need not be included in will

People in Nevada who are putting their wills together sometimes wonder whether or not the document should address the handling of their final arrangements. While it was once commonplace to include funeral instructions or other plans for final arrangements in the will, it is becoming less common.

Why married people still need powers of attorney

There are two types of powers of attorney that Nevada residents may need even if they are married. A medical power of attorney gives someone the ability to make medical decisions on a person's behalf if that person becomes incapacitated. A financial power of attorney gives someone the power to manage that person's finances.

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