There are many important parts of estate planning that can help protect your future. Wills and trusts allow you to ensure that your property is distributed in the manner you wish. Others, such as powers of attorney and guardianships are tools that allow you to designate another person to act on your behalf if you are ever unable to make decisions and care for yourself. Below, our Nevada estate planning lawyer explains further.
What is a Power of Attorney?
A power of attorney is an important estate planning tool that allows you to appoint an agent, also referred to as attorney-in-fact, to handle your financial and legal affairs if you are ever unable to. A power of attorney can protect your property and loved ones, while also minimizing the burden on the courts in Nevada.
A power of attorney also allows another person to make healthcare decisions on your behalf. It is critical that you designate someone you have complete trust in, as they will have significant control over your affairs. It is critical to draft a power of attorney while you still have the mental capacity to do so. If there is any question about your mental state, it can nullify the power of attorney.
What is Guardianship?
Guardianship also allows another person to manage your financial, legal, and medical affairs if you are ever unable to do so due to incapacity. One of the main differences is that while a power of attorney is established through a legal document, the court will appoint a guardian if you are ever incapacitated. The court will confirm that there are no other options that are less restrictive before appointing a guardian. This is one of the biggest differences between powers of attorney and guardianships.
There are both voluntary and involuntary guardianships. Voluntary guardianship occurs when someone agrees to have a guardian appointed. Involuntary guardianship occurs when an individual is unable to consent. To protect the interests of the ward, all guardianships are overseen by the court.
Guardians also typically have broader decision-making power than powers of attorney. They have authority over the ward’s financial, personal, and medical matters. To ensure that your guardian, if one is ever needed, aligns with your wishes, you can work with a Nevada estate planning lawyer to establish one in advance of incapacitation.
There are also two types of guardianships. The first is limited, which is appropriate when someone can manage some of their affairs but not all of them. Plenary guardianships are for those who are unable to care for themselves at all. With a power of attorney in place, guardianship is often unnecessary. This is often beneficial, as the process for establishing a guardian is often long and costly.
The Process for Establishing Guardianship
There are many steps involved in the guardianship process. It starts when an application is filed with the court. The individual or individuals wishing to act as guardian, as well as the person requiring a guardian, then attend a court hearing. The court will determine if the individual is capable of making their own decisions. A judge will also determine if there are other options that are less restrictive that may be appropriate. All legal guardianships require court oversight to ensure the well-being of the ward.
Is a Power of Attorney of Guardianship Right for You?
Determining whether you should appoint a power of attorney or a guardian relies on the level of control that is required as well as your own capacity. Mental capacity and family dynamics are critical factors when making this decision. Drafting a power of attorney encourages discussions about responsibilities and preferences among family members, which can help avoid disputes about your wishes if you are ever unable to communicate them in the future.
In most cases, a power of attorney is preferable to a guardianship because it can align better with your wishes and does not require court intervention. A Nevada estate planning lawyer can help you determine which option is right for you and draft the documents that will ensure your wishes are respected.
Call Our Guardianship Lawyer in Nevada Today
Making decisions about your future is never easy. At Boyer Law Group, our Nevada estate planning lawyer can outline your options, help you determine which one is right for you, and draft any necessary documents to ensure you and your future are protected. Call us now at 702-255-2000 or contact us online to schedule a consultation with our experienced attorney and to get the legal help you need.