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.
Under Nevada law, powers of attorney come in two forms. The first are called conventional powers of attorney, the second, durable powers of attorney. Which form is best will depend on the grantor's desires and circumstances. A power of attorney is a form of legal permission allowing another to act on a person's behalf. The person who holds the power of attorney is known as the attorney in fact. He or she must have reached the age of majority, as managing contractual obligations and entering into contracts are among the duties performed by attorneys in fact. The person chosen may, but need not, be a relative and he or she must agree to the task.
The majority of young or even middle age adults often give little thought to the need for a power of attorney. They are busy working and building their nest egg for their retirement years. This time of life centers on family and business. However, even these Nevada residents should give consideration to establishing a power of attorney now while they are in a position to do so.
Nevada residents who are considering preparing a power-of-attorney will want to put a great deal of thought into their selection. Convenience obviously will factor into such a decision. For example, a child that lives close by can often be of greater assistance than one that lives across the country. However, more needs to go into the decision-making than this.