Creating Powers of Attorney :
Powers of Attorney in Iowa should be in writing (handwritten or forms are ok). The principal must be competent (which is presumed by law in Iowa unless evidence to the contrary is presented). The Power of attorney must contain the name of the person authorized to act as attorney-in-fact, powers and responsibilities given to the attorney-in-fact; Principal’s signature which must be signed and attested to in the presence of a notary public or for a health care power of attorney, by two witnesses.
If the Power of Attorney affects real estate, the document should include the legal description of the property and it should be filed with the county recorder where the property is located.
If the power of attorney affects health care decision making, a copy should be provided to the attending physician and other health care professionals.
Types of Powers of Attorney:
1. General Power of Attorney: authorizes the attorney-in-fact (the person acting for another) to act on the principal’s behalf in all personal financial transactions and affairs. A general power of attorney terminates upon the principal’s death, and unless otherwise worded, upon the principal’s disability or incapacity. It is important that the attorney-in-fact be trustworthy as he/she can act in all matters as the principal, until his/her authority is revoked.
2. Limited Power of Attorney: Authorizes the attorney-in-fact to act only in the matters specifically designated in the written document. The Limited Power of Attorney terminates upon the principal’s death, and unless otherwise worded, upon the principal’s disability or incapacity.
3. Durable and Standby Power of Attorney: Is effective even if the principal becomes disabled or incapacitated, and can become effective when a certain event occurs.
4. Durable Power of Attorney for Healthcare: Allows a person to choose someone as an agent to make health care decisions when the principal is unable, in the judgment of an attending physician, to make those decisions.
Termination of the Power of Attorney:
A power of attorney can be revoked by the principal at any time by communicating his/her intent to revoke. The communication can be oral or written and made to the attorney-in-fact, or in the case of health care, communicating to the care provider.
A power of attorney also terminates at the death of the principal, and unless otherwise stated, when the principal is disabled or incapacitated.
Powers under the Power of Attorney:
A Power of Attorney can grant any or all of the following powers (not exclusive as any powers can be granted):
Entering into binding contracts;
Maintaining, managing, and insuring my real and personal property;
Paying bills and managing creditor accounts;
Making gifts and charitable contributions;
Preparing and Filing federal and state tax returns, cashing return checks, and corresponding with the IRS and State Revenue Department (IRS Form 4868 should also be executed)
Opening, maintaining, managing, and closing bank and brokerage accounts;
Cashing checks and other financial instruments drafted in principal's name;
Creating, amending, and managing trusts;
Transferring any and all property to a trustee;
Disclaiming part or all of an inheritance;
Accessing safety deposit boxes and their contents;
Buying, selling, conveying, leasing, and managing real estate and personal property(a copy of the legal description of any real estate is attached and this Power of Attorney will be filed in with the County Recorder in the county where the property is located).
Purchasing and managing insurance policies;
Settling claims;
Filing, defending, prosecuting, settling, and making decisions concerning lawsuits;
Applying for benefits, participating in governmental programs, and handling matters related to government benefits (Note: that many agencies also have forms to fill out);
Buying, selling, and managing stocks, financial investments, investments, retirement accounts, and financial accounts including exercising stock rights;
Borrowing money, mortgaging property , and renewing or extending debts;
Voting at corporate meetings;
Starting and carrying on a business;
Employing professional and business assistants of all kinds, including lawyers, accountants, and real estate agents;
Managing all business, financial, and personal affairs.
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