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Posts tagged "Powers of Attorney"

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.

Estate planning in case of becoming incapacitated

Some people in Nevada may think of estate planning as only involving how they will transfer assets to beneficiaries. While this is an important aspect of it, it also is important that a person arranges to be cared for in the case of incapacity. This involves both financial and health care planning.

Why a married person may need powers of attorney

A power of attorney makes it possible for a person to have his or her wishes met while incapacitated. Nevada residents who create a power of attorney will draft such documents while they are still of sound mind. If a person is married, a spouse generally has the ability to make medical decisions for that individual. However, there may be situations in which the spouse is not able to do so.

Power of attorney and the possibility of coercion

Nevada residents who are creating an estate plan may also need a power of attorney. A power of attorney appoints an agent to manage the person's financial affairs if the person becomes incapacitated. The person creating the power of attorney is known as the principal. A power of attorney is an important part of an estate plan, but a person should make sure that there is no coercion around creating the power of attorney or giving the agent certain powers.

Simplifying an executor's job

When Nevada residents begin the estate planning process, they are often concerned with ensuring that their assets are fairly distributed to their children and loved ones. Another consideration, however, is less obvious, and that is how to make the executor's job easier.

The power of attorney and other estate planning considerations

Some Nevada residents may wonder whether they need to include a power of attorney in their estate plan. An estate plan is important for everyone, but in particular, people who do not have children or a spouse may need to take certain steps to ensure that their wishes are carried out. For example, a person whose closest relatives are half-siblings may be closest to one and want to leave the estate to that person.