WHEN WILL YOU NEED TO USE A POWER OF ATTORNEY?

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The power of attorney allows you to grant your authority (as the principle) to perform certain tasks to another (the agent). You may grant a general power of attorney that In Nevada, a general power of attorney allows your agent to manage…

 

  • real estate
  • personal property
  • investments
  • financial matters
  • businesses
  • insurance
  • trusts
  • legal claims and litigation
  • personal and family maintenance
  • government benefits
  • retirement plans
  • taxes
  • gifts

In Nevada a power of attorney that does not specify a termination date continues after the principle becomes incapacitated.

An individual may desire to be more limited in the powers that are granted and can do so with a specific power of attorney. Some examples include:

 

  • The power of attorney for the performance of mundane tasks in your stead such as representing you at the DMV, paying utilities, managing your insurance, etc.
  • The power of attorney for limited performance of financial (or other) decisions, which can also be for a limited time frame (such as an extended vacation). This power of attorney may be revoked at any time or for any reason, making it useful for temporary use.
  • The power of attorney which grants powers after a specific event or circumstance has occurred, such as incapacitation. This power of attorney along with an advanced health directive or living will gives you the ability to determine how medical decisions are made on your behalf. When choosing an agent for health care decisions, be sure the person is trustworthy and decisive and will carry out your directions even while in emotional turmoil.
  • The grant of a power of attorney in connection with a will or trust to ensure that your family and business are protected the way you intended.

 

If you think you may need a Power of Attorney, please contact Drinkwater Law Offices.

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