DURABLE FINANCIAL POWER OF ATTORNEY
(State of Iowa)
[// GUIDANCE: This comprehensive template is designed for use by Iowa-licensed counsel. It incorporates the Iowa Uniform Power of Attorney Act, Iowa Code ch. 633B, and embeds defensive drafting, fiduciary protections, and customizable business terms. Replace all bracketed text and delete guidance comments prior to execution.]
TABLE OF CONTENTS
- Document Header
- Definitions
- Operative Provisions
3.1 Grant of Authority
3.2 Durable Nature; Effectiveness
3.3 General Authority
3.4 Special Authority (Optional)
3.5 Excluded Authority (Optional) - Representations & Warranties
- Covenants & Restrictions
- Default & Remedies
- Risk Allocation
- Dispute Resolution
- General Provisions
- Execution Block
- Agent Acknowledgment & Acceptance
1. DOCUMENT HEADER
This Durable Financial Power of Attorney (this “Power of Attorney”) is executed this ___ day of _, 20_ (the “Effective Date”) by [FULL LEGAL NAME OF PRINCIPAL], residing at [PRINCIPAL ADDRESS] (the “Principal”), in favor of the individual(s) identified below (each, an “Agent”), pursuant to and in accordance with the Iowa Uniform Power of Attorney Act, Iowa Code ch. 633B (the “Act”).
Recitals
A. Principal desires to appoint a trusted fiduciary to manage Principal’s property and financial affairs.
B. Principal intends this Power of Attorney to be durable and to continue notwithstanding Principal’s subsequent incapacity, pursuant to Iowa Code § 633B.105 (2023).
2. DEFINITIONS
Capitalized terms have the meanings set forth below. Defined terms appear in alphabetical order for ease of reference.
“Act” means the Iowa Uniform Power of Attorney Act, Iowa Code ch. 633B, as amended.
“Agent” means the person(s) designated in Section 3.1, including any Successor Agent, acting individually or jointly as specified.
“Assets Under Management” means all property, accounts, investments, and other assets over which the Agent then exercises authority under this Power of Attorney.
“Durable” or “Durability” has the meaning assigned in Iowa Code § 633B.105 (2023).
“Effective Date” has the meaning set forth in the Document Header or, if a Springing Condition applies, the date on which such condition is certified as satisfied pursuant to Section 3.2(c).
“Springing Condition” (if elected) means the condition precedent described in Section 3.2(c) that must occur before any authority granted herein becomes effective.
“State Probate Court” means the Iowa District Court sitting in probate for the county of [COUNTY], having subject-matter jurisdiction over this Power of Attorney.
[// GUIDANCE: Add or delete defined terms as needed to conform to the special instructions you include in Section 3.4 or to align with bespoke client circumstances.]
3. OPERATIVE PROVISIONS
3.1 Grant of Authority
3.1.1 Primary Agent. Principal hereby irrevocably appoints [FULL LEGAL NAME OF PRIMARY AGENT], whose address is [ADDRESS] (“Primary Agent”), as Principal’s true and lawful attorney-in-fact.
3.1.2 Successor Agent(s). If the Primary Agent is unable or unwilling to serve, Principal appoints, in the order listed, the following individual(s) as successor attorney-in-fact (each, a “Successor Agent”):
a) [NAME / ADDRESS];
b) [NAME / ADDRESS].
3.1.3 Acting Authority. The Agent shall act (check one):
☐ Individually ☐ Jointly ☐ Jointly & Severally [SELECT ONE].
3.2 Durable Nature; Effectiveness
a) Durability. This Power of Attorney is intended to be, and shall be construed as, durable within the meaning of Iowa Code § 633B.105 (2023) and shall not terminate upon Principal’s incapacity.
b) Immediate vs. Springing. Authority granted herein shall become effective (check one):
☐ Immediately upon the Effective Date.
☐ Upon the occurrence of the following Springing Condition: [DESCRIBE CONDITION] and upon written certification by [TWO LICENSED PHYSICIANS / COURT ORDER / OTHER] delivered to the Agent.
3.3 General Authority
Subject to the limitations herein, the Agent is granted all powers enumerated in Iowa Code §§ 633B.204–633B.217 (2023), including authority with respect to:
- Real Property
- Tangible Personal Property
- Stocks, Bonds & Other Securities
- Banking & Other Financial Institutions
- Operation of Entity or Business
- Insurance & Annuities
- Estates, Trusts & Beneficiaries
- Claims & Litigation
- Personal & Family Maintenance
- Benefits from Governmental Programs or Military Service
- Retirement Plans
- Taxes
[// GUIDANCE: These categories mirror the Act. Remove any category the Principal wishes to exclude, or replicate them verbatim for ease of statutory conformity.]
3.4 Special Authority (Optional)
Pursuant to Iowa Code § 633B.201(2) (2023), the following powers require express granting and are NOT included unless specifically initialed by the Principal. Principal hereby (initial all that apply):
_ Create, amend, revoke, or terminate an inter vivos trust.
Make a gift in excess of annual federal gift-tax exclusion.
Change rights of survivorship or beneficiary designations.
_ Delegate authority granted herein.
Access the content of electronic communications.
Exercise fiduciary powers held by Principal (e.g., as trustee).
3.5 Excluded Authority (Optional)
The Agent shall not have authority to:
a) [LIST EXPRESS EXCLUSIONS];
b) Perform any act inconsistent with the Principal’s known estate plan;
c) Take actions prohibited by applicable law or public policy.
4. REPRESENTATIONS & WARRANTIES
4.1 Principal’s Capacity. Principal represents that Principal is of sound mind, is at least eighteen (18) years old, and is executing this Power of Attorney voluntarily.
4.2 Agent Eligibility. Each Agent represents, by accepting appointment, that such Agent:
a) Is not presently subject to bankruptcy or felony conviction;
b) Is not a provider of health-care services to the Principal currently serving the Principal in a professional capacity; and
c) Is capable of exercising fiduciary duties consistent with Iowa Code § 633B.114 (2023).
4.3 Survival. All representations and warranties survive acceptance and continue in effect for the duration of the Agent’s appointment.
5. COVENANTS & RESTRICTIONS
5.1 Fiduciary Standard. The Agent shall act loyally for the Principal’s benefit, in good faith, and with the care of a prudent person dealing with the property of another, consistent with Iowa Code § 633B.114.
5.2 Record-Keeping. The Agent shall maintain complete records of all transactions, including receipts, disbursements, and significant actions, for not less than seven (7) years, and shall provide an accounting upon written demand by the Principal, a conservator, or the State Probate Court.
5.3 Compensation & Reimbursement. The Agent is entitled to reasonable compensation and reimbursement of reasonable expenses unless the bracket below is checked:
☐ Agent shall serve without compensation, but shall be reimbursed for reasonable out-of-pocket expenses.
5.4 Notice of Inability to Act. An Agent who becomes unable or unwilling to act shall provide prompt written notice to (i) the Principal, if capable of understanding, and (ii) any Successor Agent.
6. DEFAULT & REMEDIES
6.1 Events of Default. The following constitute “Events of Default”:
a) Breach of fiduciary duty or material misconduct by the Agent;
b) Failure to maintain required records;
c) Misappropriation or commingling of funds;
d) Incurable incapacity, death, or resignation of the Agent without a Successor Agent willing or able to serve.
6.2 Cure Period. Except for willful misconduct or fraud, the Agent shall have ten (10) business days after written notice to cure any Event of Default.
6.3 Remedies. Upon an Event of Default, any interested person (as defined in Iowa Code § 633B.117) may petition the State Probate Court for:
a) Suspension or removal of the Agent;
b) Appointment of a conservator or guardian;
c) Injunctive relief to prevent further harm;
d) Monetary damages, attorney fees, and costs.
6.4 Attorney Fees. In any proceeding arising out of or related to this Power of Attorney, the prevailing party is entitled to reasonable attorney fees and costs.
7. RISK ALLOCATION
7.1 Indemnification by Agent. The Agent shall indemnify and hold harmless the Principal and the Principal’s estate from any loss, liability, or expense (including reasonable attorney fees) arising from the Agent’s breach of fiduciary duty, bad faith, gross negligence, or willful misconduct.
7.2 Limitation of Liability. Except in cases of bad faith, gross negligence, or willful misconduct, the Agent’s aggregate monetary liability shall not exceed the value of the Assets Under Management at the time the cause of action accrues. This limitation does not apply to misappropriation.
7.3 Reliance Protection for Third Parties. A person who in good faith accepts an acknowledged copy of this Power of Attorney may rely on the correctness of the Agent’s representations pursuant to Iowa Code § 633B.120 (2023).
7.4 Force Majeure. The Agent shall not be liable for failure to act when prevented by events beyond the Agent’s reasonable control, including acts of God, war, terrorism, or government action.
8. DISPUTE RESOLUTION
8.1 Governing Law. This Power of Attorney and all acts taken under it shall be governed by and construed in accordance with the laws of the State of Iowa (“state_power_of_attorney_law”).
8.2 Forum Selection. Exclusive venue for any judicial proceeding shall lie in the State Probate Court of [COUNTY], Iowa.
8.3 Limited Arbitration. Except for petitions for injunctive or declaratory relief under Sections 6.3 or 8.4, any controversy between the Principal and Agent arising from this Power of Attorney shall be submitted to confidential, binding arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, with the following limitations:
a) The arbitrator shall be a retired Iowa district court judge or an attorney with at least fifteen (15) years’ fiduciary-law experience;
b) Discovery shall be expedited and limited to essential documents;
c) The arbitrator may award all remedies available at law or in equity, except punitive damages.
8.4 Injunctive Relief. Nothing herein shall impair the right of the Principal, the Agent, or any interested person to seek temporary, preliminary, or permanent injunctive relief in the State Probate Court to protect the Principal’s assets or enforce fiduciary duties (“fiduciary_remedy”).
8.5 Jury Waiver. To the fullest extent permitted by Iowa law, each party knowingly and voluntarily waives trial by jury in any judicial proceeding relating to this Power of Attorney; provided, however, that if such waiver is deemed unenforceable, the matter shall proceed in a non-jury equitable docket if available (“limited_availability”).
9. GENERAL PROVISIONS
9.1 Revocation; Termination. Principal may revoke this Power of Attorney at any time by (i) executing a written revocation, and (ii) delivering such revocation to the Agent and, where practical, to all known third parties who have relied or might rely on this instrument, consistent with Iowa Code § 633B.118 (2023). Termination shall not affect the validity of prior acts by the Agent.
9.2 Amendment & Waiver. This Power of Attorney may be amended only by a writing signed by the Principal and acknowledged in the same manner as an original execution. No waiver shall be effective unless in writing and signed by the waiving party.
9.3 Assignment. The Agent may not assign or delegate duties except as expressly permitted in Section 3.4 or by court order.
9.4 Severability. If any provision is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.
9.5 Entire Agreement. This document constitutes the entire understanding between the parties regarding the subject matter and supersedes all prior powers of attorney except those not revoked in writing.
9.6 Successors & Assigns. This Power of Attorney is binding upon and inures to the benefit of the Principal, the Agent, and their respective heirs, personal representatives, successors, and permitted assigns.
9.7 Counterparts; Electronic Signatures. This Power of Attorney may be executed in one or more counterparts, each of which is deemed an original, and all of which constitute one instrument. Signatures transmitted electronically or by facsimile shall be deemed originals for all purposes.
10. EXECUTION BLOCK
IN WITNESS WHEREOF, the Principal has executed this Durable Financial Power of Attorney on the date first written above.
Principal:
[PRINTED NAME]
State of Iowa )
County of _) ss.
On this ___ day of _, 20_, before me, the undersigned Notary Public, personally appeared [PRINCIPAL NAME], known to me or satisfactorily proven to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same for the purposes therein contained.
Notary Public in and for said State
My commission expires: _______
[// GUIDANCE: Iowa law requires acknowledgment before a notary public (Iowa Code § 633B.106) for validity and for recordation affecting real property. No witness is statutorily required, but some practitioners include one for evidentiary strength. Add lines below if desired.]
Optional Witness:
Name: _________
11. AGENT ACKNOWLEDGMENT & ACCEPTANCE
I, the undersigned Agent, have read the foregoing Durable Financial Power of Attorney and accept appointment under the terms and conditions set forth herein. I understand my fiduciary duties under Iowa Code § 633B.114 and agree to act in the best interests of the Principal.
Primary Agent:
Signature & Date
Print Name: ______
Address: _____
Phone / Email: ______
Successor Agent(s): (sign upon commencement of service)
Signature & Date
Print Name: ______
[// GUIDANCE: Attach additional signature blocks for each Successor Agent or Co-Agent as needed.]
END OF DOCUMENT