Understanding Durable Powers Of Attorney In Nevada

Durable powers of attorney apply to both health care and property decisions. The document establishes another person (called your attorney-in-fact) as the person with decision-making powers regarding your (the principal’s) health care and finances should you become incapacitated or unable to make health and financial decisions for any other reason.

At the Law Offices of David A. Straus LLC in Las Vegas, our lawyer helps people throughout Nevada make these difficult but important decisions regarding their futures. With over 35 years of estate planning experience, our attorney has authored and co-authored several books on various subjects of estate planning, including The Complete Guide to Estate & Financial Planning In Turbulent Times. If you have not modified your durable powers of attorney (also referred to as an advance health care or medical directive) since October 2009, you need to consult a knowledgeable estate planning lawyer as soon as possible. Laws concerning property and financial powers of attorney have changed.

Health Care Durable Powers Of Attorney: Protecting Your Medical Wishes

A health care durable power of attorney, also known as an advance health care directive, allows your chosen representative to make medical decisions aligned with your values and preferences. This includes critical end-of-life choices, autopsy authorization and organ donation decisions.

Clear documentation is essential. Even close family members may not fully understand your wishes regarding life-sustaining treatment, resuscitation or specific medical interventions. Written directives eliminate doubt during emotionally charged situations when quick decisions are necessary.

Proactive planning ensures your health care preferences are honored, reducing the burden on loved ones during difficult times and preventing potential conflicts among family members.

Financial Durable Powers Of Attorney: Safeguarding Your Assets

Your attorney-in-fact can make decisions regarding your property despite your state of incapacity. The durable power of attorney works the same in a will-based plan as in a trust-based plan, but a trust-based plan has an opportunity for substituted judgment.

This is a serious responsibility, and the person chosen as the agent should be above reproach, because, sadly, one often reads about an elderly person whose resources have been stolen by a family member who was named as the agent when the principal became incapacitated.

Taking Steps To Protect Your Finances And Guard Against Abuse

You can control the powers granted to your attorney-in-fact. There are no truly effective methods to prevent abuse, but some measures that may be taken include:

• Requiring multiple signatures on any check or withdrawal over a reasonable amount
• Assigning a committee of agents to make decisions and other typical financial limitations on one agent’s ability to engage in financial abuse

The “safety net” with a trust-based plan is that all property held in the name of the trust is automatically managed by the successor trustee named in the trust to make substituted judgment – typically the spouse first and other family members after the surviving spouse’s ability or desire to be the successor trustee.

In effect, the trustor, the person transferring the property to the trust, provides powers of management to successor trustees if incapacity occurs. A trust-based plan also involves a durable power of attorney in case there are assets outside of the ownership of the trust.

Why Proactive Planning Matters

You can become unable to make decisions suddenly due to illness, injury or memory loss. Without a durable power of attorney in place, your family may have to go through expensive and lengthy court processes to get legal authority to help you. A judge may appoint someone who does not know your wishes or share your values.

Creating these documents while you can still make decisions to ensure others follow your wishes and protect your interests, no matter what happens. Proper planning gives you and your family peace of mind and removes doubt during challenging times.

You should also review your estate planning documents regularly. Major life events – like getting married or divorced, having children, losing loved ones, moving or changing relationships – may require you to update who you’ve chosen as your agent. Changes in Nevada law, like the updates made after 2009, can also affect whether your current documents still work properly.

Schedule A Complimentary Initial Consultation With Attorney David A. Straus

Please email or call us in Las Vegas at 702-474-4500 to schedule a one-on-one meeting at your convenience.