An Iowa general power of attorney (GPOA) grants an individual, known as the “principal,” the authority to appoint a chosen agent to oversee their financial affairs, including handling bank transactions and investment decisions.
The non-durable form becomes ineffective if the principal cannot handle their own matters. For extended authority granted to the agent even after the incapacitation of the principal, you may opt for a durable power of attorney.
Laws — Chapter 633B (Powers of Attorney).
Authority (Iowa Code § 633B.201) – The agent’s authority is limited to actions expressly granted by the document and not prohibited by other agreements. The broadest authority prevails when overlapping, and actions by the agent bind the principal and successors as if done by the principal.
Signing Requirements (Iowa Code § 633B.105) – The principal’s signature must be acknowledged before a notary public or another authorized individual, excluding the agent.
Presumption of Durability (Iowa Code § 633B.104) – Yes, a power of attorney in Iowa is presumed durable, meaning it remains effective, except if explicitly outlined to end upon the principal’s incapacity.
