A Nevada durable statutory power of attorney form allows a person to choose someone else to handle their financial decisions and affairs. The form allows the person granting authority (“principal”) to choose someone else (“agent”) to have the same powers as if they were acting themselves. The statutory form allows for limited or unrestricted financial powers that remain in effect even if the principal should become incapacitated.
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Table of Contents |
Laws
Definition of “Durable”
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity (NRS 162A.040).
Definition of “Power of Attorney”
“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 (NRS 162A.090).
Signing Requirements
The principal must sign in front of a notary public (NRS 162A.220(1)).
Statutory Form
The Nevada State Legislature has provided a sample statutory form available at NRS 162A.620.
How to Write
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Part 1. Designation Of Agent
(1) Principal Name. The first middle and last name of the Principal issuing this document must introduce the declaration statement. This is the Nevada Party who shall designate some or all of the authority over his or her affairs to a predetermined Agent.
(2) Attorney-in-Fact Appointment. The Agent that the Principal intends to name as holding some or all of his financial powers should be named as the Nevada Attorney-in-Fact.
(3) Attorney-in-Fact Information. The address and phone number of the Attorney-in-Fact is needed.
Part 2. Designation Of Alternate Agent
(4) First Alternative Agent. In addition to granting an Attorney-in-Fact of the Principal’s choosing with the authority needed to represent him or her, this document allows for Alternate Agents to be named. A Nevada Alternate Agent to the Attorney-in-Fact acts as a reserve Agent. He or she will not be able to assume or wield any of the principal authority in this document unless the Attorney-in-Fact discontinues his or her representation of the Principal, has had his or her principal authority revoked, or is unable to function effectively in this capacity. If this happens, the First Alternative Agent to the Attorney-in-Fact can be approached to immediately assume the powers the Principal intends to convey through this Nevada appointment.
(5) Address And Phone Number.
(6) Second Alternative Agent. If the Nevada Attorney-in-Fact and the First Successor Agent are unavailable, then the Second Successor Agent identified by name, address, and phone number in this document will be considered eligible for the Attorney-in-Fact appointment.
Part 5. Grant Of General Authority
(7) Topics For Approval. A comprehensive list of subject matters the Nevada Attorney-in-Fact can (potentially) be authorized to wield principal power over is on display. If the Principal does not wish to approve the Attorney-in-Fact to act in his or her name in all these areas, then the first part of this list must be reviewed by the Principal. Upon review, the Principal should deliver his or her initials next to the subject matter that the Attorney-in-Fact may wield authority over. It should be noted that the Principal should not initial every item of this list since there will be an option to deliver all powers at once.
(8) Maximum Authority. As discussed, if the Principal intends to approve of the Nevada Attorney-in-Fact’s use of authority over every topic listed thus far, he or she may initial the final item (only).
Part 6. Grant of Specific Authority
(9) Trust Actions. While the previous list of subject matters enables the Principal to grant a general authority in one or more areas of his or her life, certain actions the Attorney-in-Fact may be expected to perform will require the direct and specific approval of the Principal. For instance, for the Attorney-in-Fact to possess the right to use principal authority to engage in actions such as creating or terminating an inter vivos, family, or living (irrevocable/revocable) trust will require the Principal’s initials for approval.
(10) Gift Actions. Gift making powers under Nevada Revised Statutes can be approved for the Attorney-in-Fact’s use.
(11) Survivorship. Direct Principal authorization is required for the Attorney-in-Fact to create or manage rights of Survivorship in the Principal.
(12) Beneficiary Authority. The Principal must give authorization if he or she expects the Attorney-in-Fact to create or change beneficiary designations or waive principal right to be a beneficiary (including under a retirement).
(13) Waive Principal Beneficiary Rights. Direct approval through the Principal’s initials is required to allow the Attorney-in-Fact to waive the Principal’s beneficiary rights (including those that result from a retirement plan, survivor annuities, etc.) by wielding the same authority held by the Principal to do so.
(14) Fiduciary Powers. If the Principal has been named as a fiduciary then the same powers he or she holds over the concerned matters (i.e. a shareholder trust) can be conveyed to the Attorney-in-Fact so long as the Principal initials the appropriate action topic in this list.
(15) Refusing Interest In Property. The Attorney-in-Fact can use the Principal’s name to refuse all interests in property on behalf of the Principal if the Principal’s approval is displayed appropriately.
(16) Assisted Living Arrangements. The Principal’s initials will be required to approve of the Attorney-in-Fact’s right to deliver principal consent to admittance to an assisted living facility, skilled nursing facility, and secured residential long-term care facility.
Part 7. Expression Of Intent Concerning Living Arrangements
(17) Assisted Living Preferences. If the Principal wishes to authorize the Attorney-in-Fact action of admitting him or her to a facility for medical assistance or to arrange for home care depending on the Principal’s health and ability to live independently then the Principal must dispense his or her initials to the first statement choice in Part 7.
(18) Home Care Authority. The second directive option establishes that the Principal does not wish to approve of the Attorney-in-Fact’s power to admit him or her to a medical facility or assisted living facility but intends to authorize the Attorney-in-Fact to hire home care providers to come to the Principal’s home when he or she requires assisted living.
(19) Directives From The Principal. If neither selection in this section accurately reflect the Principal’s goals, then an area where he or she may inform and authorize directives and powers to the Attorney-in-Fact in his or her own words is available. Be advised that once these directives are documented here, the Principal must deliver his or her approval by initialing the statement he or she provided.
Part 9. Special Instructions Or Other Or Additional Authority Granted To Agent
(20) Principal Defined Directives. An area so the Principal can deliver instructions and limitations to the authority being appointed to the Nevada Attorney-in-Fact has been included.
Part 11. Durability And Effective Date
(21) Durable Vs Springing Powers. The Principal is given the option of setting this document to remail effective and durable so that even if he or she is incapacitated the Attorney-in-Fact will retain principal power or to put off the power appointment effect so that it springs to effect only when he or she is diagnosed (formally by a Physician) as being incapacitated. This choice means that the Principal can either set a date to the granting of powers (i.e. signature date, date of effect) or the trigger event of being incapacitated. In either case, the Principal’s initials will be needed to demonstrate his or her approval.
(22) Nevada Effective Date. A specific date defining when the principal powers above become effective and available to the Attorney-in-Fact should be defined and approved by the Principal. This is optional especially if the Principal has set this document to spring into effect when incapacitated. If the Principal does not choose a specific date of effect and has not indicated this is a springing power document, then the signature date will be understood as the date of effect.
(23) Termination Date. A definitive date for the expiration of the powers designated to the Attorney-in-Fact can be defined and approved.
Part 14. Signature And Acknowledgment
(24) Nevada Principal Signature Date. The day the Principal signs this document should be defined as a standard calendar date.
(25) Signature Location. The city and state where the Principal signing occurs are required.
(26) Signature. The Nevada Principal must sign this document on the date indicated at the location defined. This act requires the verification of a Notary Public with the credentials to satisfy this Nevada appointment.
Part 15. Certificate Of Acknowledgment Of Notary Public
(27) Notarization. Only the Notary Public present at the time of the Nevada Principal’s signing may verify this action through the process of notarization. A distinct area has been reserved for this purpose.
Related Forms
Download: Adobe PDF
Download: Adobe PDF