Can I add a co-agent to a financial Power of Attorney?
How do I add a co-agent to my financial power of attorney form instead of the secondary agent?
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That is because you usually have to assign a priority to agents. You can have them hold the same powers, but someone essentially would need final say.
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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
I understand you're looking to add a co-agent to your financial power of attorney form. 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 before I connect you? Rest assured they’ll be able to help with updating your financial power of attorney form.
This form is in case my mother would die before my father, the principal I listed on the form. He would not be able to handle many of the finances but can do some basic banking on his own. Is there something else I need to add or should he be added as an agent also? Accounts are all shared by both parents.
Liz
Hi there! Welcome to AskaLawyer. My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your legal concerns. Just so you are aware, AskaLawyer is a legal information-only site. No attorney-client relationship is formed from our conversation. So I can best help, do you want each agent to have different powers?
No, same powers.
Liz
Thank you for clarifying that. In what state are you using the power of attorney?
Iowa.
We want it to be a pretty basic document.
Liz
Understood, do you see an option to add a second agent?
The description under the second agent says they will only act if the first agent can’t.
Liz
That is because you usually have to assign a priority to agents. You can have them hold the same powers, but someone essentially would need final say.
So there isn’t an option to designate it as co-agent status?
Liz
If you wished to create a specialized power of attorney, it can be legally possible, but it creates a risk of confusion should the agents disagree.
Also, did I fill it out correctly with my dad named as the individual needing the assistance? My mother is in charge until she passes away or is incapacitated, so do we need to do one for her also, because they share their accounts?
Liz
Does your dad currently have capacity to sign the document? He would be listed as the principal. Your mom would also need her own power of attorney if she wants someone to manage her affairs.
Yes, he can sign.
Liz
Perfect, so yes he is the named individual, also called the principal.
Great, thanks! I will set one up for my mother also.
Liz
You're very welcome.
Liz
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