There’s no denying that estate planning is confusing. The complex laws in Nevada are often overwhelming for common people to understand. Older adults often fail to get their estate planning documents sorted and assume that having a will is enough. Ideally, you should also have powers of attorney for finances, which will ensure someone is there to manage your financial affairs when you cannot do so. As the first step, contact a Las Vegas Elder Law Attorney to know your situation better. In this post, we further discuss the typical mistakes related to powers of attorney that you should avoid.
- Selecting someone untrustworthy: If and when you are incapacitated or are too sick to take care of regular financial tasks, you need someone who can do that for you. Seniors often end up choosing someone who is extremely close to them personally, not considering whether they can handle the tasks when the time comes.
- Not considering successors: Life is unpredictable, and if your first choice cannot do their duties or passes away, unfortunately, you need to have a backup. Make sure to talk to your attorney about this and have at least one to two successors.
- Not including real estate in your plans: When it comes to power of attorney for finances, you should definitely include management powers for your real estate investments. In some cases, it is mandatory that the power of attorney for finances is recorded in the right assessor’s office.
- Not updating your documents: With time, life and circumstances will change, which means you need to revise your estate planning documents periodically. That could also indicate the need to reconsider the power of attorney for finances. Check with your lawyer if you change your mind.
- Not informing your agents and successors: If you update your estate plan, including powers of attorney, you must make sure that your agents and backup successors are informed about these changes. Also, share the relevant documents, especially power of attorney for finances, with your bank.
- Not consulting your attorney: No matter what changes you want in your estate plan, discuss extensively with your attorney. Lawyers specializing in elder law work with clients regularly and know exactly how they think. You can get valuable advice that will help you make informed decisions.
Check online to find top estate planning firms in Las Vegas and book your meeting if you did not have legal counsel until now. It’s never too late to get an expert for your needs!