In Cedar Falls, Iowa, power of attorney is an arrangement in which one person (the principal) gives another (the attorney-in-fact) the capacity to act on the principal's behalf in particular situations, and under particular conditions. Power of attorney might be authorized for any number of reasons, but it is most commonly set up to allow the attorney-in-fact to make financial and medical decisions on the principal's behalf in the event that the principal becomes incapacitated.
The principal can state in advance the scope and nature of the attorney-in-fact's authority. The agreement should be very clear on this matter, so you give the attorney-in-fact enough power to carry out your instructions, but not more than they need in order to accomplish your objectives. Additionally, the attorney-in-fact should be someone you trust, such as a family member or life partner. You also need to be cognizant of the fact that your distinct situation, as well as the actions you want the attorney to be able to take on your behalf, will help decide the most effective arrangement.
For example, some people have particular wishes, whether based on religion or personal preference, about how they should be cared for at the end of their life. Oftentimes, people who are at the end of their lives become unable to express their wishes. Thus, it becomes necessary to have somebody else who knows what they would want, and has the legal authority to give effect to those wishes.
Occasionally, you can find pre-printed forms in Cedar Falls, Iowa permitting you to easily draft a power of attorney document. In some cases, this may be all you need. These forms already have the basics of such an agreement committed to writing. All you and the other party have to do is fill in the blanks, per the instructions, and possibly have the forms notarized.
Types of Power of Attorney Arrangements in Cedar Falls, Iowa
In Cedar Falls, Iowa, power of attorney can take three main forms. They are as follows:
1. Limited power of attorney - this authorizes the attorney-in-fact to act on your behalf on a single subject, in one instance. This is a good option if you are involved in a business transaction happening in another state or country. Suppose you want to buy a house on the other side of the country, and just need to sign a few papers to finish the deal. Rather than incurring the expense of traveling there, you could give limited power of attorney to a third party who lives in that state, and they can sign the paperwork for you, finishing the deal. The power you've granted them would expire automatically once the deal is done.
2. Durable power of attorney - this lets an attorney-in-fact make decisions in a certain, defined area of the principal's affairs. Durable power of attorney doesn't automatically disappear, and can last indefinitely, or until the principal revokes it. This can be very useful, because it authorizes the attorney-in-fact to make critical decisions for the principal, but allows the principal to revoke the power if they regain the capacity to make their own decisions.
3. Springing power of attorney - this is a lot like durable power of attorney, but it does not normally take effect immediately. Instead, the power vests on the occurrence of particular condition(s) laid out by the principal. The principal could make the condition anything he or she wants, permitting power of attorney to vest only if, say, a person flies to Saturn. Of course, these arrangements are normally not so outlandish. Normally the event that must take place is the principal becoming incapacitated. This permits the principal to make his or her own decisions while they're able, but also ensures that someone they trust will be able to carry out their wishes in the event that they become too sick or weak to express them.
Can a Cedar Falls, Iowa Lawyer Help?
While setting up power of attorney in Cedar Falls, Iowa can be simple, there are some instances in which it will inevitably be convoluted. In such cases, the process will be much easier if you have a seasoned attorney to help you along the way.