[IA] How do I add a co-agent to a power of attorney?
I want my father to have power of attorney if my mother dies before him, as they share all accounts.
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It’s legally possible to draft a custom power of attorney with co-agents, but it can create confusion if the agents disagree. It’s probably best to set up a power of attorney for both of your parents.
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Iowa General (Financial) Power of Attorney
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How do I add a co-agent to my financial power of attorney form instead of the secondary agent?
Lexi, Chatbot
Have you already filled out the form with the secondary agent listed?
Yes.
Lexi, Chatbot
Are you looking to have both the secondary agent and the co-agent act together, or are you replacing the secondary agent with the co-agent?
Replacing secondary with the co-agent.
Lexi, Chatbot
Is there anything else the lawyer should know?
This form is in case my mother dies before my father, who is the principal. He wouldn’t be able to handle many of the finances, but he can do some basic banking on his own. Should he also be added as an agent? All accounts are shared by both parents.
Elizabeth
Hi there! I’m Liz, an attorney with over a decade of experience. Do you want each agent to have different powers?
No, same powers.
Elizabeth
Thank you. What state are you in?
Iowa.
Elizabeth
Understood. Do you see an option to add a second agent?
The description says the second agent only acts if the first can’t.
Elizabeth
You usually assign priority. You can give them the same powers, but someone would need final say if they disagree.
So there isn’t an option to designate co-agent status?
Elizabeth
It’s legally possible to draft a custom power of attorney with co-agents, but it can create confusion if the agents disagree. It’s probably best to set up a power of attorney for both of your parents.
Did I fill it out correctly with my dad as the one needing assistance? My mother is in charge until she passes away or becomes incapacitated. Do we need one for her too since they share accounts?
Elizabeth
Does your dad currently have capacity to sign? He would need to be listed as the principal. And yes, your mom would also need her own power of attorney if she wants someone to manage her affairs.
Yes, he can sign.
Elizabeth
Perfect—then he is the principal.
Great, thanks! I’ll set one up for my mother too.
Elizabeth
You’re very welcome.
Elizabeth
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