People who have established a power of attorney or agents who have been granted powers to act under a power of attorney may have questions regarding when the power may terminate. Several circumstances can result in the termination of a previously granted power of attorney under Nevada laws.
Many Nevada residents have older parents who will likely need help managing money and making health care decisions as they age. One way to ensure that this will be handled properly is to suggest that they grant a power of attorney to a child, close friend or other trusted individual.
Granting power of attorney to a third party may be a powerful estate planning tool in Nevada. Those who are thinking about giving power of attorney to others may wish to learn more the three common powers of attorney and what they entail. Understanding how and when these documents take effect may help an individual protect his or her assets and have more say over his or her medical treatment.
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.
nevada residents may be interested in an article discussing some of the potential pitfalls when acting under a durable power of attorney for an older relative. Care must be taken when signing documents in order to avoid incurring any financial responsibility.
Unfortunately, circumstances can occur that will leave others in a lurch. There is a need for thoughtful planning in the case that an individual becomes incapacitated or dies so that one's business and family can carry-on and not face hardship.