Power of Attorney for Financial Matters ($100.00)

A General Power of Attorney (POA) for financial matters is a legal document that allows an individual, known as the principal, to appoint another person, called the agent or attorney-in-fact, to manage their financial affairs. In Nevada, this document grants the agent broad authority to act on the principal’s behalf in a wide range of financial activities, unless the principal specifies limitations. 

Nevada follows the Uniform Power of Attorney Act, which provides the legal framework for POAs in the state. Unlike a limited or specific POA, a General POA is comprehensive, encompassing most aspects of the principal’s financial life. However, it can be tailored to restrict the agent’s powers if the principal prefers.

What Does a General Power of Attorney for Financial Matters Cover?

A General POA in Nevada gives the agent the ability to handle a variety of financial responsibilities on behalf of the principal. These may include:

Banking

    The agent can access bank accounts, deposit or withdraw funds, write checks, manage online banking, and perform other banking tasks.

Real Estate

    The agent can buy, sell, lease, or mortgage real property. This includes managing rental properties or completing real estate transactions.

Investments

    The agent can oversee investment accounts, buy or sell stocks, bonds, mutual funds, or other securities, and make decisions about the principal’s investment portfolio.

Taxes

    The agent can prepare and file tax returns, pay taxes, respond to tax audits, and handle other tax-related issues.

Business Interests

    If the principal owns a business, the agent can manage daily operations, sign contracts, hire employees, and make business-related decisions.

Personal Property

    The agent can buy, sell, or manage personal property, such as vehicles, jewelry, artwork, or other valuable items.

Government Benefits

    The agent can apply for, manage, and make decisions about government benefits, such as Social Security, Medicare, or veterans’ benefits.

While the scope of a General POA is typically broad, the principal has the flexibility to limit the agent’s authority. For example, they might restrict the agent to managing only specific bank accounts or handling a single real estate transaction.

Why Is It Important to Have a General Power of Attorney for Financial Matters?

Having a General POA for financial matters in Nevada is essential for several reasons.

Protection in Case of Incapacity

If the principal becomes incapacitated due to illness, injury, or cognitive decline, the agent can step in immediately to manage their financial affairs. Without a POA, loved ones may struggle to pay bills, manage investments, or handle other financial obligations, potentially leading to chaos or loss.

Avoiding Court-Appointed Conservatorship

If the principal is incapacitated without a POA, a court may need to appoint a conservator to oversee their finances. This process can be costly, time-consuming, and stressful for the family. Worse, the court might appoint someone the principal wouldn’t have chosen. A POA avoids this by allowing the principal to designate their preferred agent in advance.

Convenience and Flexibility

Even if the principal isn’t incapacitated, a POA offers convenience. For instance, if the principal is traveling, physically unable to manage tasks, or simply wants to delegate responsibilities, the agent can act on their behalf. This ensures financial matters are handled smoothly without interruption.

Peace of Mind for the Principal and Family

A POA provides reassurance that a trusted individual has the legal authority to manage financial affairs if needed. This reduces uncertainty and stress for both the principal and their loved ones, ensuring decisions align with the principal’s wishes.

Continuity in Financial Management

A POA ensures that financial obligations—like paying bills, managing investments, or running a business—continue seamlessly, even if the principal is temporarily or permanently unable to oversee them.