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Posts tagged "Powers of Attorney"

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.

How to choose people for roles in an estate plan

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.

Durable financial power of attorney and estate planning

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.

Tips for preventing exploitation of older adults

Some older people in Nevada may be at risk of fraud and exploitation. Among people between the ages of 70 and 74, around 12 percent experience mild cognitive impairment. Almost two-thirds of people older than 84 suffer from MCI, and this could make them more vulnerable.

Important steps for powers of attorney

Careful estate planning is a necessary part of how Nevada residents can make sure their interests are protected. They should take steps now to make plans for unexpected situations in which they may not be able to make important decisions on their own. Having legal documents in place, such as powers of attorney, can help prevent conflict among family members and provide a guide for how to decide on matters related to the health or wealth of the incapacitated loved one.