It is strongly recommended that individuals hire a professional attorney before executing these documents.Ī financial agent is an individual who has formally been given the authority to act as the Principal’s attorney-in-fact when making financial decisions. The instructions provided below contain links to legal instruments that are commonly used in estate planning. How to Create an Estate Plan in Iowa (6 steps) The Health Care Power of Attorney and Durable Power of Attorney forms may be employed to appoint representatives to make decisions regarding medical treatment and finances, respectively, on behalf of an individual. This type of situation may arise due to an accident, medical emergency, or simply geographical distance (for making financial decisions). In addition to planning for the management of an individual’s estate after they die, it is also important to put legal instruments in place that will appoint representatives to carry out an individual’s wishes and intentions if they become mentally incompetent or otherwise incapable of making important decisions and representing themselves in legal matters. While the Last Will and Testament is most commonly used to relay instructions for the distribution of an individual’s estate, the Revocable Living Trust is another option which allows the estate to be passed on to the individual’s beneficiaries without probate (the court process by which a will is “proved” and administered). An Iowa estate planning checklist ensures that a person has made all of the necessary preparations to manage their estate and medical care in the future.
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