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What Types of Power of Attorneys (POAs) are Available in Iowa?

Planning for the future is incredibly important, which is why you should look into powers of attorney (POAs). These documents allow you to grant authority to another individual if you can’t act for yourself, either because of incapacitation or simply because you are busy. When weighing your estate planning options, you should choose the power(s) of attorney that best fits your needs. For more information on the types of POAs available in Iowa, please read on, then contact an experienced Des Moines power of attorney lawyer today.

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What types of POAs can you get in Iowa?

The different types of powers of attorney cater to unique situations. You may choose from several different types depending on what will meet your needs. Some of the most common types of powers of attorneys include:

  • General power of attorney: This type of POA authorizes the agent to conduct the same financial actions you would perform, which can involve filing taxes, executing contracts and borrowing money.
  • Limited power of attorney: This type of POA allows the agent to take specific actions of your choosing and only these actions.
  • Durable power of attorney: This type of POA allows an agent to act for you regarding your end-of-life care, ensuring that your wishes for medical care are followed and finances related to that care are taken care of.
  • Springing power of attorney: This type of POA becomes effective after a triggering event, such as medical or physical disability.
  • Healthcare proxy: This type of POA lets you give someone the authority to make healthcare decisions for you if you can’t make them yourself.

What are the requirements for making a POA in Iowa?

For any POA to be valid in the Hawkeye State, it must meet the following requirements:

  • The person making a power of attorney must be of sound mind
  • The document must specify the powers you wish to grant to your agent, including the power to act for you with respect to these subject areas:
    • Real property
    • Stocks and bonds
    • Banks and other financial institutions
    • Operation of an entity or business
    • Benefits from governmental programs or civil or military service
    • Retirement plans
    • Taxes
  • The document must be signed in the presence of a notary public
  • The original document must be stored in a safe place
  • The person making the power of attorney must give a copy to their agent or attorney-in-fact
  • A copy must be filed with the recorder’s office

Additionally, the person making the power of attorney should consider giving a copy of the document to financial institutions.

Who may act as your agent in Iowa?

Legally speaking, you can name any competent adult to serve as your agent, but you should speak with a skilled Des Moines estate planning lawyer first. He or she will help you determine all the practical considerations, such as the proposed agent’s trustworthiness and geographical location, as well as the advisability of naming successor agents. There is a lot to consider, so give us a call today.

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Herting Law, PLLC, is an Iowa-based law firm designed to help with all of your legal needs. Contact Herting Law, PLLC today for help.

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