Throughout your life, you likely have become ill or injured multiple times. During these times, you probably had a family member or other loved one available to help take care of you. On the other hand, you may have provided the care for a sick or injured loved one. As a result, you undoubtedly understand the importance of proper care.
A power of attorney is a very common estate planning document that people have in place in order to allow another person to make financial or other decisions on their behalf in the event they become incapacitated. If the person becomes incapacitated, the person who has been appointed as the agent under the power of attorney will then be tasked with making decisions regarding taxes, gifting and other important legal and financial matters.
People who have established a power of attorney or agents who have been granted powers to act under a power of attorney may have questions regarding when the power may terminate. Several circumstances can result in the termination of a previously granted power of attorney under Nevada laws.
Many people in Nevada use a power of attorney as an important piece of their overall estate plans. A power of attorney may be used to allow another person to conduct business on behalf of the grantor's becoming incapacitated.
Many Nevada residents have older parents who will likely need help managing money and making health care decisions as they age. One way to ensure that this will be handled properly is to suggest that they grant a power of attorney to a child, close friend or other trusted individual.
As medicine and technology advance, life expectancies in Nevada and throughout the United States are increasing. Along with longer lifespans come increasing complexities. For instance, it is likely that at some point, most people will need to make an important medical decision. In some cases, the person may not be able to express his or her own wishes concerning medical care. One way to deal with this situation is to grant a trusted relative or friend power of attorney to make medical decisions on an individual's behalf. This person is known as a health care proxy, and these advance preparations are known as health directives.
Granting power of attorney to a third party may be a powerful estate planning tool in Nevada. Those who are thinking about giving power of attorney to others may wish to learn more the three common powers of attorney and what they entail. Understanding how and when these documents take effect may help an individual protect his or her assets and have more say over his or her medical treatment.
Nevada law allows for one person to name another to act on his or her behalf by means of a power of attorney. The reasons behind making a power of attorney are as diverse as the people who make them. They can be tailored for a limited purpose, like selling a particular asset, or they may address a broad area, like making health care decisions.
Nevada allows individuals to file their living will, health care powers of attorney, and do-not-resuscitate orders with the Nevada Secretary of State through a program called Lockbox. Because people may not always be in a position to provide their doctors with these documents, Lockbox helps ensure medical providers are able to access these important documents in the event of illness or emergency.
Many residents of Nevada may be concerned about the health care decisions that would be made on their behalf if they were to become incapacitated by illness or injury. A living will communicates the health care wishes of an individual, but a health care power of attorney actually designates another person to make these important decisions. This person could be authorized to stipulate the forms of treatment to be employed and when the decision would be made to withhold treatment.