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This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including but not limited to your money) whether or not you are able to act for yourself.

Financial Powers of Attorney A power of attorney (POA) is a written legal document by which one person (the ?principal?) gives to another person (the ?agent?) the authority to make decisions with respect to the management of their financial affairs.

In Iowa, there are generally four types of Power of Attorney: General, Durable, Special (or Limited), and Medical. A General POA gives broad powers to your agent to act in your stead. A Durable POA remains in effect even if you become incapacitated. A Special or Limited POA is for one-time or specific transactions.

The GPA always confers a general power of performing while the Special power of Attorney confers only a specific power to perform any particular act or task. The GPA covers a wide range of powers and is not restricted to any particular work. Hence, it needs to be given only to a very trustworthy person.

An Iowa durable statutory power of attorney form is used when a person wants someone to have the ability and authority to handle their financial affairs. A durable power of attorney can also be used if a person anticipates being away or incapable of handling their financial matters in the near future.

A special or specific or limited power of attorney is a legal document executed by the principal by which an agent is authorized to do some specific acts on his behalf. For E.g. an agent can be authorized to perform specific business-related tasks, close or operate business accounts etc.