How To Make a Power of Attorney in Nevada FAQ

What Is a Power of Attorney?

A power of attorney (POA) is a legal document that grants one person, the agent, the authority to act on behalf of another person, the principal, in legal issues and financial matters. The principal grants the agent certain powers to handle transactions such as making financial decisions, paying bills, accessing bank accounts, and managing property.

There are different types of power of attorney documents depending on your needs. A financial power of attorney covers legal and financial matters. You can find Nevada’s power of attorney laws in the Nevada Revised Statutes, §162a.200 – §162a.660. A durable power of attorney for health care decisions covers medical decisions and end-of-life care.

If you are suddenly unable to manage your affairs, your family will have to spend time and money petitioning a court for conservatorship. In a conservatorship hearing, a judge will appoint someone as your conservator (legal guardian) with the authority to manage your financial and legal matters. You may not like their choice. Having a power of attorney avoids needing a conservatorship.

Who Can Be My Agent?

Your agent can be any competent adult you trust, such as a family member or friend. You can even name an accountant or attorney. Under NRS§162A.220, you may not choose an owner or employee of the facility you reside in unless that person is related to you or they are assisting you in establishing Medicaid eligibility. An agent has significant control over money and assets, but they must act in good faith and for the benefit of the principal.

Avoid naming two people as “co-agents” to your power of attorney because they may disagree, and nothing gets done, or they contradict each other’s actions. You should name one agent as your primary agent and another as the backup or successor agent to your primary agent in case your primary agent is unable to serve.

What Can My Agent Do in Nevada?

In your financial power of attorney, you decide what authority to give your agent. For example, paying bills, managing real estate, and making financial decisions. Under NRS §162a.450-§162a.610, you can grant your agent general authority to handle the following transactions:

• Real property (real estate)
• Tangible personal property (possessions)
• Stocks and bonds
• Commodities and options
• Banks and other financial institutions
• Operation of entity or business
• Insurance and annuities
• Estates, trusts, and other beneficial interests
• Claims and litigation
• Personal and family maintenance
• Benefits from governmental programs or civil or military service.
• Retirement Plans
• Taxes
• Gifts

However, under §162a.450, the principal must expressly authorize specific powers that can reduce the principal’s estate, such as the following:

• Create, amend, revoke, or terminate a living trust
• Make a gift
• Create or change rights of survivorship
• Create or change a beneficiary designation
• Delegate authority granted under the power of attorney
• Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan
• Exercise fiduciary powers that the principal has authority to delegate
• Disclaim property, including a power of appointment

You should decide whether you want your agent to have the power to reduce your estate to qualify you for government benefits like Medicaid or to minimize estate taxes. It is up to you what powers you want to grant.

What Is a Durable Power of Attorney in Nevada?

A durable POA means the power of attorney remains effective even if you become incapacitated. Under §162a.210, a power of attorney is considered durable unless you expressly state that it ends upon your incapacity.

When Is the Power of Attorney Effective?

A Nevada POA is effective immediately upon execution under §162a.210, unless it is a “springing” POA that becomes effective at a future date or upon the occurrence of a future event or contingency.

When Does the Power of Attorney End?

A power of attorney ends at the principal’s death. There are other events when a power of attorney ends, and the agent’s authority automatically terminates. A power of attorney ends when:

• The principal becomes incapacitated, and the POA is non-durable.
• The power of attorney provides that it terminates.
• The purpose of the power of attorney is accomplished.
• The principal revokes the agent’s authority, or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not have a backup or successor agent.

The agent’s authority terminates when:

• The principal revokes the authority.
• The agent dies, becomes incapacitated, or resigns.
• Your agent is your spouse, and your marriage ends in divorce, annulment, or legal separation unless you provide otherwise.
• The power of attorney terminates.

That is why you should name a backup or successor agent to your power of attorney.

Does Nevada Have a Statutory Power of Attorney?

Yes. Nevada has a statutory power of attorney form under §162a.620. However, using the statutory form is not mandatory. You can either create a power of attorney document customized to your needs or hire an estate planning attorney.

Can I Make My Own Power of Attorney in Nevada?

Yes. If you are an adult and mentally competent, you can create your power of attorney. If you know the basics of who you want to be your agent and what powers you want them to have, you are ready to make a power of attorney. Many people looking for DIY options use state-specific online estate planning forms and follow Nevada’s legal requirements for execution. However, if you have questions about your power of attorney, talk with an attorney for legal advice.

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How Do I Make My Power of Attorney Valid in Nevada?

To make a valid power of attorney in the state of Nevada, you must sign your document in front of a notary public. You can also direct someone to sign it on your behalf and in your presence if you are unable to sign.

Do I Have to Notarize My Power of Attorney in Nevada?

Yes. For a valid Nevada power of attorney, a notary must attest to your signature on the document.

What Should I Do After Signing My Power of Attorney?

Once executed, provide copies to your agent, successor agent, and any relevant parties. Keep your original in a safe place. A bank or institution may ask your agent to complete an agent certification form in which your agent states that the power of attorney is valid and they have the authority to act for you.

Does a Power of Attorney Agent Get Paid in Nevada?

In Nevada, your agent is entitled to reimbursement for reasonable expenses incurred by acting under this power of attorney. However, your agent may only receive reasonable compensation for their time if you authorize it.

Is My Nevada Power of Attorney Valid in Another State?

Yes. Generally, a power of attorney properly created and executed in Nevada according to Nevada law will be recognized in other states.

Can I Revoke My Nevada Power of Attorney?

Yes. If you are competent, you have the right to revoke your power of attorney at any time. The revocation should be in writing and signed by you. Give copies to your agent(s) and any relevant parties who have received your POA and destroy the original power of attorney document.

What Estate Planning Documents Should I Have in Nevada?

A comprehensive estate plan includes a financial power of attorney, durable power of attorney for health care, and a last will and testament.

A durable power of attorney for health care, or health care directive, combines a medical power of attorney and a living will or advance directive. You authorize someone as your health care agent to get your medical information, talk to health care providers, and make your medical decisions. You can also give instructions for medical treatments and what life-sustaining measures you want when you have an end-stage illness or terminal condition.

A last will and testament details your wishes for who handles your estate, who should receive your property, and who cares for your minor children. Without a will, you die “intestate,” and a court follows state laws to distribute your property and makes decisions about who will manage your estate and care for your children. You may not want to leave these decisions up to a court. Making a will gives you peace of mind that you are protecting your loved ones.

Fortunately, it is easy to make a valid power of attorney and other documents with online estate planning templates.