Signing Requirements
The principal is required to acknowledge their signature in front of a notary public. The agent only has to have their signature notarized if they sign the optional Agent Certification.[1][2]
Powers Granted
The powers granted in a power of attorney are determined by the principal at the time that the power is created. Generally, the principal can delegate to the agent any of their own powers which may include the ability to make decisions about:[3]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney” means a writing that grants authority to an agent to act in the place of the principal, whether or not the term “power of attorney” is used.[5]
Revocation
A power of attorney terminates when any of the following occurs:[6]
- The principal dies, becomes incapacitated, or resigns;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished; or
An agent’s authority terminates when any of the following occurs:
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- The agent and principal are divorced or separated;
- The power of attorney terminates;
- The agent is named as having abused the principal in a founded dependent adult abuse report; or
- The agent is convicted of dependent adult abuse for having abused the principal.
Statutory Form
Yes, the State of Iowa has a statutory form.[7]