House File 86 - Introduced HOUSE FILE 86 BY GASKILL A BILL FOR An Act relating to the validity of a power of attorney. 1 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 2 TLSB 1376YH (2) 85 rh/nh

H.F. 86 Section 1. NEW SECTION . 633B.3 Notarized acknowledgment 1 —— training. 2 1. A power of attorney is not valid unless the attorney in 3 fact or agent provides a signed, notarized affidavit, along 4 with the power of attorney, acknowledging an understanding 5 of the fiduciary responsibilities of the attorney in fact or 6 agent to the principal. Such acknowledgment of fiduciary 7 responsibilities shall include but not be limited to statements 8 that the attorney in fact or agent will act in good faith on the 9 principal’s behalf, avoid any act of self-dealing, act only as 10 authorized by the power of attorney, and provide all material 11 facts to the principal. 12 2. Prior to signing the required affidavit pursuant to 13 subsection 1, the attorney in fact or agent shall complete 14 training regarding the specific fiduciary duties and 15 responsibilities relating to the power of attorney. 16 EXPLANATION 17 This bill relates to the validity of a power of attorney. 18 The bill provides that a power of attorney is not 19 valid unless the attorney in fact or agent provides a 20 signed, notarized affidavit, along with the power of 21 attorney, acknowledging an understanding of the fiduciary 22 responsibilities of the attorney in fact or agent to the 23 principal. Such acknowledgment of fiduciary responsibilities 24 shall include but not be limited to statements that the 25 attorney in fact or agent will act in good faith on the 26 principal’s behalf, avoid any act of self-dealing, act only 27 as authorized by the power of attorney, and provide all 28 material facts to the principal. Prior to signing the required 29 affidavit, the attorney in fact or agent is required to 30 complete training regarding the specific fiduciary duties and 31 responsibilities relating to the power of attorney. 32 A power of attorney is a written document whereby a person 33 (the principal) gives another person (attorney in fact or 34 agent) the authority to act on the person’s behalf in certain 35 -1- LSB 1376YH (2) 85 rh/nh 1/ 2

H.F. 86 financial or health care matters. 1 -2- LSB 1376YH (2) 85 rh/nh 2/ 2