Iowa Limited Power of Attorney
An Iowa Limited (Special) Power of Attorney (LPOA) authorizes an agent to act as a representative for a principal. It is important to select an agent with caution, as they must be entrusted to make reliable and sound decisions without the principal’s approval. Common examples of agents include family members, close friends, business partners, and/or lawyers. Regardless of who is chosen, they must comply with all requests as outlined in the document. Failure to do so can result in civil penalties and fines for the agent.
The form remains in effect except in the cases that the:
- Agent completes all tasks requested by the principal;
- Principal dies or becomes incapacitated;
- Agent or Principal become a resident of a state other than that stated in the LPOA;
- It reaches its expiration date; and/or
- The principal revokes the agent’s power.
If the principal wishes to void the LPOA then they must fill out an Iowa revocation form. They do not need to legally provide their rationale for repealing the document. However, possible reasons for revocation include a break of trust or dependability between the principal and agent, such as in the case of divorce. The principal may also nullify the agreement if the agent can no longer make competent decisions or proves unfit to carry out the desired actions.
Signing requirements (§ 633B.105): A Notary Public must be present to sign and validate this form.