A durable POA enables financial assistance if you’re incapacitated.
One can get a financial power of attorney in Nevada for purposes of check deposits, tax filing, and property transactions.
This document empowers a trusted individual (agent/attorney-in-fact) with specific responsibilities.
Here’s how to create one in Nevada.
What Are the Legal Requirements of a Financial POA in Nevada?
For your POA to be valid in Nevada, it must meet certain requirements.
Mental Capacity for Creating a POA
The person creating a POA must be mentally sound, but the exact requirement interpretation varies per Nevada courts.
If uncertain about someone’s capacity for a POA, consult a lawyer.
If assisting someone in a hospital or care facility in Nevada, a “certification of competency” from a medical professional is needed to accompany the POA, confirming mental competence.
Although not mandatory, notarization is highly recommended in Nevada for a more robust POA.
When signed in front of a notary public, your signature is presumed genuine, increasing its strength.
Many financial institutions also insist on notarized POAs, regardless of state law.
Steps for Making a Financial Power of Attorney in Nevada
1. Create the POA Using a Statutory Form, Software, or Attorney
In Nevada, you have several options to create a POA:
- Use the state’s statutory form.
- Use user-friendly software like WillMaker.
- Consult a Nevada lawyer for a comprehensive estate plan.
The process involves granting comprehensive or specific powers to your agent, such as real property, stocks, banks, business, government benefits, retirement plans, and taxes. By default, Nevada POAs are durable, unless they specify termination upon incapacitation.
2. Sign the POA in the Presence of a Notary Public
As mentioned above, in Nevada, you should have your POA notarized.
3. Store the Original POA in a Safe Place
After finishing your POA, keep the original in a secure but accessible location, and inform your loved ones about its whereabouts.
It’s essential for your attorney-in-fact to have access to the original in case of your incapacitation.
4. Give a Copy to Your Agent or Attorney-in-Fact
Provide a copy of the power of attorney to your agent for them to become familiar with its contents.
5. File a Copy With the Land Records Office
If you’ve initialed “real property” in your POA, sign up a copy in the county recorder’s office in Nevada where you own or intend to transact real estate.
This way, the office will acknowledge your agent’s authority for real estate transactions when needed.
6. Consider Giving a Copy to Financial Institutions
Distribute copies of your durable financial POA to relevant institutions, such as banks, which your agent may need to interact with in the future. This can streamline processes for your agent when they use the POA.
Who Can Be Named an Attorney-in-Fact (Agent) in Nevada?
In Nevada, some restrictions apply to who can be your agent. If you’re in a healthcare facility, you can’t appoint the facility, owner, or employee as your agent, except if they are your spouse, legal guardian, next of kin, or if you need help with Medicaid eligibility.
Otherwise, any competent adult can be your agent, but consider practical factors like trustworthiness and location.
Nevada permits co-agents, but it’s advisable to have a single agent to reduce conflicts. Still, having a “successor” agent as a backup is wise.
When Does My Durable Financial POA Take Effect?
While it’s possible to set conditions for it to “spring” into effect, this approach is generally discouraged due to various reasons.
When Does My Financial Power of Attorney End?
A power of attorney ends at your death, and a durable one also ends if:
- You revoke it while mentally competent.
- No agent is available, but you can name a successor agent.
- A court invalidates it due to mental incompetency, fraud, or undue influence.
In Nevada, if your spouse is your agent, divorce ends their authority, but your POA remains. A successor agent takes over if designated.