Nevada Durable Power of Attorney Form
The Nevada Durable Power of Attorney is a major estate planning form that provides you (the principal) with a method of declaring a specific individual to act on your behalf (the agent). When completing the form, the principal has the option of giving their agent power immediately, or after a certain life-changing event that renders them incapacitated. If choosing the second option, the POA will be known as “springing”, as it will “spring” into effect upon the specific event. Regardless, the principal can only create a POA if they have the ability of making sound judgements. In other words, if they’re not mentally sound, any POA they create may be questioned and/or not held as legitimate. This is why the form is for planning purposes only. Being a statutory form (it was created by the state government), it will be accepted by all third parties so long it is completed correctly and the principal has their signed name notarized.
If the principal is currently residing in a hospital or living facility, Nevada law states the following people cannot perform as their agent:
- The hospital/facility in which they’re residing;
- Someone that is an owner or operator for the hospital or living facility; and
- Someone that works as an employee in the said hospital or facility.
The state requires this to avoid someone that works at the facility from taking advantage of the patient.
Laws: § 162A.210
Signing requirements (NRS 162A.220): Notarized
What powers does it give my agent?
This is completely up to you. The form provides you with several types of permissions you can give to your agent. All you have to do is place your initials next to each one you wish to give. Common powers include the right to handle:
- Real estate;
- Stocks / bonds / investments;
- Commodities;
- Safe deposit boxes;
- Taxes;
- Legal affairs;
- Retirement plans;
- Banking;
- Business operations;
- Insurance; and
- Government programs (to name a few).