One of the most important estate planning tools in Reno, Nevada is the durable power of attorney. This tool makes it possible for you to choose someone you trust to handle your affairs in the event you become incapable of doing it yourself. The “principal” is the person who signs and executes the power of attorney. The person designated to act on behalf of the principal is known as the “agent” or the “attorney-in-fact.” A durable power of attorney is a specific type of power of attorney that remains in effect even after you become incapacitated. This is why a durable power of attorney in Reno is such a powerful tool.
Advantages of a Durable Power of Attorney in Reno
You choose your agent.
One important advantage of a durable power of attorney is that you are able to decide now who you want to make decisions for you in the future. If you don’t make that decision now, a court will appoint a guardian or conservator to decide for you if you become incapacitated. Executing a durable power of attorney means that you get to choose someone you trust, and that person will be allowed to step right into your shoes without the need for a lengthy and expensive court proceeding. Your agent, depending on the type of power of attorney you execute, can start making decisions regarding your finances or healthcare as soon as it is required. The court process to appoint a guardian or conservator is a very expensive and time-consuming process. This is especially true since the court continues to monitor a guardian or conservator as long as the appointment remains in effect.
Discuss your wishes with your agent ahead of time.
Executing a durable power of attorney now gives you the opportunity to discuss your desires and expectations with your family and the agent you choose. You can do that now while you are still in a position to do so. Also, the more comprehensive your durable power of attorney is, the better it will be for your chosen agent when the time comes to take over your affairs. It is also important to consider how your needs may change as you age. Those issues should be addressed when your durable power of attorney is drafted. For example, you should consider the possibility that you may need long-term care and/or government benefits. Those needs can be addressed in the terms of the durable power of attorney when it is drafted.
Do away with the family disagreements and conflict.
Another great benefit of creating a durable power of attorney in Reno is that it will likely reduce the confusion and uncertainty as to how you would have wanted your affairs to be handled. A well-drafted power of attorney can eliminate the disagreements between family members regarding your financial needs. A proper power of attorney for healthcare will allow someone to take care of your medical needs. Instead of family conflict, this legal document will be the best evidence there is of your intent. A durable power of attorney can be an invaluable tool during an already stressful time. There will be one less thing for your family to worry about.