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 medical emergency can occur at any given moment and in some cases, a person's condition may render him or her incapable of making the necessary decisions. Those who wish to prepare for the unimaginable may find that having a health care power of attorney in place could prove exceedingly beneficial during their time of need. However, many individuals in Nevada might have some concerns about how to choose someone to act on their behalf who will make decisions that align with their wishes.
A person in Nevada who is creating an estate plan may want to include a power of attorney that gives someone the ability to take over financial transactions and decision-making if the person becomes incapacitated. Most people who have power of attorney understand that they are obligated to act in the best interests of the person that they represent, but they may not fully understand the extent of the record-keeping they are required to do.
Some people in Nevada may think they do not need an estate plan because they are too young or have few assets, but adults of every age could benefit from having one. Over the years, needs vary, and people may need to revise the documents.
The importance of various powers of attorney cannot be overlooked when a Nevada resident undertakes the task of creating an estate plan. Almost everyone is familiar with what a will can accomplish, and many people have a general notion of the benefits of a trust, but powers of attorney are often misunderstood. A comprehensive estate plan is intended to protect the estate of the individual after passing by fulfilling that person's wishes as indicated in the planning documents. Powers of attorney also can serve to protect the person during his or her lifetime as well.
Most college students in Nevada and around the country spend very little time thinking about estate planning, but many of the documents found in a comprehensive estate plan can be of great value even to the young and healthy. After all, college students are adults who are legally responsible for decisions regarding their health. While it's not pleasant to think about, deadly accidents can happen to young people.
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.
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.
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.
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.