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A Nevada power of attorney is a legal form that acts as the authorization for an individual, known as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions, on behalf of the person granting this authority. A Nevada POA is often used for estate planning. However, there are other times when a POA is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A Nevada power of attorney is a power of attorney form that must comply with Chapter 162A Nevada’s statutes, also known as the Uniform Power of Attorney Act (NRS 162A). This act specifically outlines the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
According to an informational brochure PDF provided by the State Bar of Nevada, there is no requirement to have a Nevada durable power of attorney, financial power of attorney, springing power of attorney, healthcare power of attorney, or any other POA signed in front of a notary public.
A principal has the ability to specifically state which powers the agent may and may not exercise. The principal may also decide if they’d like to revoke the POA, they may do so.
In the State of Nevada, a power of attorney is terminated when:
There are several reasons why someone would use a Nevada power of attorney form to give someone the ability to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs may vary. Thankfully, there are several types of power of attorney forms available. Before you decide to use a power of attorney, seek legal advice. Ask about which POA is best for your situation. You should also ask how to revoke a power of attorney if it becomes necessary. Here are a few of the most common.
General Power of Attorney
A general power of attorney grants a single agent the ability to make decisions on behalf of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited POA is also known as a special power of attorney.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make important health care decisions on the principal's behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney allows the agent to buy, sell, and manage real estate on the principal’s behalf.
Tax Power of Attorney
A tax power of attorney allows the agent, generally a qualified individual such as an accountant, to prepare and submit tax information to the Department of Taxation on behalf of the principal.
Vehicle Power of Attorney
A vehicle of power of attorney, initiated in Nevada by Form VP 136, allows the agent to buy, sell, and handle the necessary paperwork with the Nevada Department of Motor Vehicles on the principal’s behalf.
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