Detailed Answer — What a Financial Power of Attorney Can Let an Agent Do in Nevada

A financial power of attorney (POA) is a legal document in which a person (the principal) names another person (the agent or attorney-in-fact) to make financial and business decisions on the principal’s behalf. Under Nevada law (see Nevada Revised Statutes, Chapter 162A), a properly executed POA can grant broad authority or only narrow, specific powers. The scope depends on the language you choose when you create the document.

Below are the common categories of authority a financial POA may grant and important Nevada-specific considerations.

Common powers typically granted

• Banking and cash management: access and manage bank accounts, deposit and withdraw funds, endorse checks, open or close accounts, and use online banking on the principal’s behalf.
• Bill payment and household expenses: pay bills, pay taxes, receive income, and handle routine household financial matters.
• Investment transactions: buy, sell, trade, and manage stocks, bonds, mutual funds, and other investment accounts, including hiring or firing investment advisors (if explicitly authorized).
• Real estate transactions: buy, sell, lease, mortgage, or manage real property owned by the principal (often requires explicit language and may require notarization to record deeds).
• Business management: operate or sell an interest in a business, sign contracts, and settle business matters, if the POA expressly authorizes those acts.
• Tax matters: prepare, sign, and file tax returns, represent the principal before taxing authorities, and receive tax information.
• Insurance and government benefits: apply for or manage insurance claims, and handle certain government benefit matters (but many benefits programs impose special rules; see next section).
• Legal claims and litigation: commence, defend, or settle lawsuits on the principal’s behalf if the POA gives authority to start or defend legal actions.
• Gifts and transfers: make gifts or transfer assets to others — this power must usually be granted explicitly and is commonly limited to prevent abuse.
• Digital assets: access and manage online accounts and digital property when the POA includes digital-asset authority.

Durability — continuing authority after incapacity

To ensure the agent can act if the principal becomes incapacitated, the POA must include durable language (for example: “This power of attorney shall not be affected by subsequent disability or incapacity of the principal”). Nevada follows the Uniform Power of Attorney Act framework in Chapter 162A, which recognizes durable powers of attorney. Without durable language, many institutions may consider the POA ineffective once the principal lacks capacity.

Limits, special rules, and required phrasing in Nevada

• Specific vs. general authority: A POA can be narrowly tailored (limited authority for a single transaction) or broad. If you want broad authority, include a clear, enumerated list of powers; many financial institutions look for specific statutory or commonly accepted language.
• Gifting: Authority to make gifts of the principal’s property is a significant power and is typically allowed only if the POA expressly authorizes it. If you plan to permit gifts (for estate planning, for instance), spell out limits and timing to reduce the risk of later disputes.
• Access to government benefits: Some federal and state benefit programs (Medicaid, Social Security, VA benefits) impose separate rules. To sign papers or manage eligibility for public benefits, use language that complies with the program’s requirements and consider separate representative designation forms where required.
• Real property: Nevada requires notarization for many documents affecting real property. To record a deed or complete a real estate sale, the POA usually must be acknowledged or meet recording requirements.

Agent duties and safeguards under Nevada law

Agents owe fiduciary duties to the principal: act loyally, in good faith, and in the principal’s best interests; avoid conflicts; keep accurate records; and not commingle funds. Nevada law provides remedies if an agent breaches these duties, including civil liability and removal. The statutes in Chapter 162A outline the rights and duties that guide agent conduct; institutions frequently ask for proof of the POA and will look for clear, unambiguous authority.

Practical enforcement and third-party reliance

Even when a POA is valid under Nevada law, banks, brokers, and other third parties may refuse to accept it or may request additional proof (certified copies, bank-specific forms). Nevada’s statutes allow third parties to rely on a valid POA unless they have actual knowledge of its termination or invalidity. When a third party reasonably refuses to accept an agent’s authority, the agent may need certified copies, an opinion letter from an attorney, or a court order.

When a guardian or conservator may be needed instead

If no valid POA exists and a person loses capacity, a court may appoint a guardian or conservator to manage finances. Guardianship involves court supervision and can be more costly and restrictive than a well-drafted POA, which is why many Nevada residents create a durable financial POA in advance.

For the statutory framework that governs powers of attorney in Nevada, see Nevada Revised Statutes, Chapter 162A: https://www.leg.state.nv.us/NRS/NRS-162A.html.

Helpful Hints

• Use clear, specific language. List powers you want to grant; explicitly state whether the POA is durable and whether gifting is allowed.
• Designate successor agents in case your first choice is unwilling or unable to serve.
• Have the document signed and notarized. Notarization helps when third parties or county recording offices require proof.
• Provide certified copies to banks, brokerages, and other institutions in advance so your agent can act quickly if needed.
• Keep a short, separate letter of instruction for your agent describing where to find important documents, account lists, passwords, and bills.
• Limit or exclude certain powers if you have concerns (for example, restrict gift authority or business-sale power).
• Review and update your POA periodically, especially after major life events (marriage, divorce, large gifts, changes in assets).
• Coordinate your POA with your overall estate plan (wills, trusts, beneficiary designations) to avoid conflicts.
• If a financial institution refuses to accept a valid POA, ask for its written reason; you may need to provide a certified copy, an attorney’s opinion, or seek a court order.
• When in doubt, consult a Nevada-licensed attorney to draft or review a POA tailored to your needs and to ensure compliance with Nevada statutory requirements (see Chapter 162A: https://www.leg.state.nv.us/NRS/NRS-162A.html).