Signing Requirements
The principal must sign in front of a notary public.[1]
Powers Granted
The principal may grant to the agent power to do any legal act that the principal may do through an agent. A power of attorney can individually specify or broadly grant the power to make decisions about all of the following:[2]
- Real property;
- Tangible personal property;
- 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; and
- Gifts.
The following must be specifically mentioned if the principal wishes to grant the authority:[3]
- Create, amend, revoke or terminate an inter vivos 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; or
- Disclaim property, including a power of appointment.
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term “power of attorney” is used.[5]
Revocation
A power of attorney shall terminate when:[6]
- The principal dies;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies;
- The power of attorney provides that it terminates; or
- The purpose of the power of attorney is accomplished.
An agent’s authority shall terminate when:[7]
- The agent resigns, becomes incapacitated, or dies;
- The principal revokes the authority;
- The principal and agent divorce or legally separate; or
- The power of attorney terminates.
The principal may change or cancel the power of attorney at any time provided they are not incapacitated.
Statutory Form
Yes, the State of Nevada has a statutory form.[8]