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.
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.
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.
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.
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.
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.
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.
People in Nevada who do not have immediate or close family members still need an estate plan. An important part of this plan is appointing people to manage one's financial and healthcare decisions in case of incapacity.
One important decision that must be made by people in Nevada who are creating an estate plan is whom to choose for various tasks associated with the estate. These people can be family members or close friends, but they should have the necessary aptitude for the jobs.
Nevada residents who are going through the estate planning process might want to consider the benefits of adding a durable power of attorney. A power of attorney allows one person to handle the financial affairs of the estate holder. This could include filing tax returns, paying bills, making gifts, depositing checks and more.