Power Of Attorney (Page 4 of 5) in pdf

§633B.301,

2. IMPORTANT INFORMATION FOR AGENT

AGENT’S DUTIES

When you accept the authority granted under this power

of attorney, a special legal relationship is created between the

principal and you. This relationship imposes upon you legal duties

that continue until you resign or the power of attorney is terminated

or revoked. You must do all of the following:

Do what you know the principal reasonably expects you to do

with the principal’s property or, if you do not know the principal’s

expectations, act in the principal’s best interest.

Act in good faith.

Do nothing beyond the authority granted in this power of

attorney.

Disclose your identity as an agent whenever you act for the

principal by writing or printing the name of the principal and

signing your own name as agent in the following manner:

_______________________ (principal’s name) by

_______________________ (your signature) as Agent

Unless the Special Instructions in this power of attorney state

otherwise, you must also do all of the following:

Act loyally for the principal’s benefit.

Avoid conflicts that would impair your ability to act in the

principal’s best interest.

Act with care, competence, and diligence.

Keep a record of all receipts, disbursements, and transactions

made on behalf of the principal.

Cooperate with any person that has authority to make

health care decisions for the principal to do what you know the

principal reasonably expects or, if you do not know the principal’s

expectations, to act in the principal’s best interest.

Attempt to preserve the principal’s estate plan if you know the

plan and preserving the plan is consistent with the principal’s best

interest.

TERMINATION OF AGENT’S AUTHORITY

You must stop acting on behalf of the principal if you learn of any

event that terminates this power of attorney or your authority under

this power of attorney. Events that terminate a power of attorney or

your authority to act under a power of attorney include any of the

following:

Death of the principal.

The principal’s revocation of the power of attorney or your

authority.

The occurrence of a termination event stated in the power of

attorney.

The purpose of the power of attorney is fully accomplished.

If you are married to the principal, a legal action is filed with

a court to end your marriage, or for your legal separation, unless

the Special Instructions in this power of attorney state that such an

action will not terminate your authority.

LIABILITY OF AGENT

The meaning of the authority granted to you is defined in the

Iowa Uniform Power of Attorney Act, Iowa Code

chapter

633B. If

you violate the Iowa Uniform Power of Attorney Act, Iowa Code

chapter

633B, or act outside the authority granted, you may be liable

for any damages caused by your violation.

Thu May 19 10:21:01 2016

Iowa Code 2016, Section 633B.301 (6, 1)

Power Of Attorney Page 4

Related Articles

Related forms

Related Categories