An Iowa Durable Power of Attorney form is a legal document used to give a person the authority to act on behalf of another person in financial and/or personal matters even if the other person is determined to be incapacitated or found legally incompetent to manage his or her own affairs.
With an Iowa Durable Power of Attorney form, the Principal – person creating Durable Power of Attorney in Iowa – appoints an Agent – person receiving Durable Power of Attorney in Iowa – to make decisions on behalf of the Principal if the Principal is unable to do so. An Iowa Durable Power of Attorney form can be written to transfer these responsibilities to the Agent immediately or written to go into effect upon the incompetency or incapacity of the Principal.
Iowa Durable Power of Attorney is a vital estate planning tool and gives the Agent broad powers and the responsibility to act if the Principal is not able to. Make sure you trust your Agent with your life because when you create an Iowa Durable Power of Attorney form, you authorize your Agent to have total control over your affairs to make financial and medical decisions as if you were making them on your own.
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Iowa Durable Power of Attorney Form
The main advantage of Iowa Durable Power of Attorney over Iowa General Power of Attorney is the durability clause that springs into effect in case the Principal becomes incapacitated. Durable is defined here as “lasting” – Iowa Durable Power of Attorney “lasts” through the incapacity of the Principal.
For instance, the Principal is in a coma due to a work-related injury and is incapable of making any decisions on his own. Beforehand he appointed his wife as his Agent with an Iowa Durable Power of Attorney form. The Iowa Durable Power of Attorney form passes authority to the wife to step in immediately and take care of the Principal’s financial and/or health care needs. Iowa General Power of Attorney, on the other hand, terminates upon the incapacity or incompetency of the Principal.
Types of Iowa Durable Power of Attorney Forms:
There are basically two types of Iowa Durable Power of Attorney forms – one for taking care of financial responsibilities and another for making medical decisions:
- Iowa Durable Power of Attorney for Finances Form gives the Agent the authority to make all financial decisions on behalf of the Principal in the event the Principal becomes incapacitated. Iowa Durable Power of Attorney for Finances is an essential estate planning tool used to take care of financial responsibilities like managing stocks and bonds, checking and savings accounts, real estate transactions, paying bills, making business decisions and more.
- Iowa Durable Power of Attorney for Health Care Form gives the Agent the authority to make all medical decisions on behalf of the Principal in the event the Principal becomes incapacitated. The Principal should specify all medical decisions the Agent should be prepared to make and outline instructions for the kind of health care treatment the Principal desires. An Iowa Durable Power of Attorney for Health Care along with an Iowa Living Will make up a comprehensive estate plan.
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When creating an Iowa Durable Power of Attorney form, you are giving the Agent the authority to act as you would act on all or certain financial situations and/or healthcare needs when you are not able to do so yourself. It is imperative that you choose wisely when selecting your Agent because you are putting your life in your Agent’s hands. So, your Agent should be someone you trust with your life – as in your spouse, son, daughter, close family member or trusted friend.
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With an Iowa Durable Power of Attorney form, the Principal can select a trusted Agent to take care of his or her affairs instead of having a conservator appointed by the courts. Iowa Durable Power of Attorney is an essential device in succession planning and can help to avoid family disputes beforehand by proactively involving family members on the financial and medical wishes of the Principal.
It can be difficult to fill out an Iowa Durable Power of Attorney form and a lawyer can help simplify the process. If you have any questions, we strongly suggest that you consult a lawyer for assistance. If you know what you are looking for, we offer a free Iowa Durable Power of Attorney form to print – you can fill out an Iowa Durable Power of Attorney form yourself and print it out instantly.
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