Nevada Durable Power of Attorney to Execute Oil and Gas Lease
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A Nevada Power of Attorney (PoA) is a legal document that grants a trusted person or organization the authority to handle your finances, such as signing contracts, buying or selling real estate, accessing bank accounts.
1. THIS DOCUMENT GIVES THE PERSON YOU DESIGNATE AS YOUR AGENT THE POWER TO MAKE DECISIONS CONCERNING YOUR PROPERTY FOR YOU. YOUR AGENT WILL BE ABLE TO MAKE DECISIONS AND ACT WITH RESPECT TO YOUR PROPERTY (INCLUDING YOUR MONEY) WHETHER OR NOT YOU ARE ABLE TO ACT FOR YOURSELF.
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 power of attorney must be in writing and contain your signature to be effective. It may also ? but need not be ? notarized. The document may alternatively be witnessed by two adult witnesses who personally know you.
The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.
If you initialed "real property," giving your agent the power to conduct transactions with real estate, you should also file a copy of your POA in the land records office in the county where you own real estate or expect to transact real estate. In Nevada, this office is called the county recorder's office.
A ?springing? durable power of attorney becomes effective on the day in the future that you become incapacitated. If you never become incapacitated, it does not become effective and your attorney in fact exercises no authority over you or your assets.
With a non-durable POA, your agent's authority ends as soon as you become incapacitated. If you have a durable POA, your agent can continue to make decisions for you even after you become unable to make them yourself.
