Power of Attorney Colorado

Power of Attorney Colorado

    To choose someone to handle financial affairs representing you in Colorado, you need to create a power of attorney form for Colorado. If you’re having trouble doing this, you can use the power of attorney Colorado template here. It is customizable and covers all the necessary sections, including the power authorization, revocation, and more.

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Power of Attorney Colorado
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Power of Attorney Colorado

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The law permits residents of Colorado to give a trusted dependent, friend or employee the rights to act on their behalf in financial, legal and monetary matters before or after lifetime incapacity. This is done by filling a power of attorney.

This article reveals what a Colorado power of attorney is, how it works, its types and why it is important.

What’s included in a power of attorney for Colorado:

    • Type of power of attorney
    • Full details of the executor
    • Full details of the agent
    • Purpose
    • Date of execution
    • Full details of the property
    • Notarized

What is a Colorado Power of Attorney?

A power of attorney Colorado is the power conferred on an individual (principal) by the laws of the state to designate to an agent the responsibilities of making legal, monetary and health care decisions on the principal’s behalf. The agent is also known as an attorney-in-fact while the principal is also known as a donor or grantor.

This agent stands in for the principal should they fall ill or be absent for an extended period of time. If durable, the agent is authorized to act on behalf of the principal even if they become incapacitated.

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How Does The Colorado Power of Attorney Work?

A power of attorney form Colorado becomes effective immediately upon the principal’s " class="text-blue" target="_blank">signature except otherwise stated. The principal is allowed to dictate – under the Special Instructions section - what date the powers granted to the agent will become effective.

Should the principal not include an expiration date, a Colorado power of attorney remains valid till the revocation of the document or till his/her death. For a non-durable power of attorney form Colorado, it becomes invalid as soon as the principal becomes incapacitated and cannot make decisions on his/her own.

In general, an agent’s powers become terminated if;

  • the principal revokes the powers
  • agent resigns, dies or becomes incapacitated
  • the agent is a spouse of the principal and agrees to a marriage dissolution.

Although a principal is allowed to revoke the agent’s powers anytime deemed fit, this termination is not effective unless the agent has knowledge of this termination. To revoke the powers of an agent, both principal and agent must sign a revocation form in the presence of some witnesses or a notary public.

A principal resident in Colorado can obtain a power of attorney form from an office supply store or download from a platform like CocoSign. This platform has several Colorado Fillable power of attorney forms one can fill and execute under the provisions of the law.

Types of Colorado Power of Attorney?

General power of attorney:

This authorizes an individual the legal rights to act on behalf of another in virtually all legal and financial matters. The powers here are not usually limited to specific areas. Also, the power of attorney becomes void once the principal dies or becomes incapacitated in any way.

Limited power of attorney:

A limited power of attorney grants the agents the powers to act on behalf of the grantor only on certain affairs. The limitations of the powers of the attorney-in-fact are clearly written out in the power of attorney document.

Durable power of attorney:

This power of attorney is designed to allow for continuous representation of a principal till his/her death. In other words, the agent represents the principal as specified by the content of the power of attorney form even beyond the point the principal becomes incapacitated and can no longer make decisions by him/herself.

Medical power of attorney:

This medical poa form grants powers to the attorney-in-fact to make medical decisions on behalf of the principal. Most often than not, it is used by seniors, individuals who are terminally ill or those who work at high-risk environments.

Financial power of attorney:

A financial power of attorney authorizes an attorney-in-fact to act in the name of a principal on all financial transactions. The agent may be given broad powers or limited to making decisions only on particular financial matters.

Real estate power of attorney:

This permits the principal to appoint an agent to manage properties in his/her name

Parental power of attorney:

This power of attorney type allows the parent(s) to hand over their decision-making rights over a minor to another who is supposed to act as a temporary guardian. This guardian makes medical decisions in the event there is a medical emergency to the minor, in the name of the principal. It is usually used by a principal if he/she is going to be out of town or the country for an extended period of time.

Revocation of power of attorney:

A revocation power of attorney form is used to effectively put an end to the legally binding agreement between a principal and their agent.

Vehicle power of attorney:

Here, the agent is granted the power to handle all matters related to the principal’s vehicle including the official registration of the vehicle with the Colorado Department of Motor Vehicles.

Why Is the Colorado Power of Attorney Important?

Whether young or old, Colorado residents should give drafting a Colorado power of attorney a thought. This is because it is a grand chance to appoint someone who can stand-in for you in your absence or in the event that you become incapacitated physically or mentally.

Such a document is important for individuals who will be away for a long period and might need someone to take charge of their financial, business, real estate and legal transactions. It is also recommended for seniors at the risk of suffering from dementia, Alzheimer’s or any terminal illness that might affect their sense of judgement.

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Colorado Power of Attorney Requirements

For the content of a power of attorney form Colorado to be valid, it must be executed according to the dictates of the Colorado Power of Attorney Act.

To begin with, the principal and agent must be at least 18 years of age. The principals must also be able to name their agent(s) and clearly state what their authority is and what responsibilities the agents can take on their behalf.

Finally, the documents must be signed in the presence of a notary public or witnesses who can ascertain that the principal wasn’t intoxicated while drafting the document, nor did they appoint an agent under duress.

Filling a power of attorney form and executing it under the provisions of the law should be a breeze-through with the tips highlighted above. To get started, download one of the tens of power of attorney templates available on the platform.

DOCUMENT PREVIEW

STATE OF COLORADO STATUTORY FORM

POWER OF ATTORNEY IMPORTANT INFORMATION

 

This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the "Uniform Power of Attorney Act", part 7 of article 14 of title 15, Colorado Revised Statutes.

 

This power of attorney does not authorize the agent to make health care decisions for you.

 

You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you.

 

Your agent is entitled to reasonable compensation unless you state otherwise in the special instructions.

 

This form provides for designation of one agent. If you wish to name more than one agent you may name a coagent in the special instructions. Coagents are not required to act together unless you include that requirement in the special instructions.

 

If your agent is unable or unwilling to act for you, your power of attorney will end unless you have named a successor agent. You may also name a second successor agent.

 

This power of attorney becomes effective immediately unless you state otherwise in the special instructions.

 

If you have questions about the power of attorney or the authority you are granting to your agent, you should seek legal advice before signing this form.

 

DESIGNATION OF AGENT

 

I ____________________________ (name of principal) name the following person as my agent:

 

Name of agent: _____________________________

 

Agent's address: _____________________________

 

Agent's telephone number: _____________________________

 

DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL)

 

If my agent is unable or unwilling to act for me, I name as my successor agent:

 

Name of successor agent: _____________________________

 

Successor agent's address: _____________________________

 

Successor agent's telephone number: _____________________________

 

If my successor agent is unable or unwilling to act for me, I name as my second successor agent:

 

Name of second successor agent: _____________________________

 

Second successor agent's address: _____________________________

 

Second successor agent's telephone number: _____________________________

 

GRANT OF GENERAL AUTHORITY

 

I grant my agent and any successor agent general authority to act for me with respect to the following subjects as defined in the "Uniform Power of Attorney Act", part 7 of article 14 of title 15, Colorado Revised Statutes:

 

(INITIAL each subject you want to include in the agent's general authority. If you wish to grant general authority over all of the subjects you may initial "All preceding subjects" instead of initialing each subject.)

 

(____) 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

 

(____) All preceding subjects

 

GRANT OF SPECIFIC AUTHORITY (OPTIONAL)

 

My agent MAY NOT do any of the following specific acts for me UNLESS I have INITIALED the specific authority listed below:

 

(CAUTION: Granting any of the following will give your agent the authority to take actions that could significantly reduce your property or change how your property is distributed at your death. INITIAL ONLY the specific authority you WANT to give your agent.)

 

(____) Create, amend, revoke, or terminate an inter vivos trust

 

(____) Make a gift, subject to the limitations of the "Uniform Power of Attorney Act" set forth in section 15-14-740, Colorado Revised Statutes, and any special instructions in this power of attorney

 

(____) Create or change rights of survivorship

 

(____) Create or change a beneficiary designation

 

(____) Authorize another person to exercise the authority granted under this power of attorney

 

(____) Waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan

 

(____) Exercise fiduciary powers that the principal has authority to delegate, including powers to participate in the designation or changing of a fiduciary and powers to participate in the direction of a fiduciary in the exercise of the fiduciary's powers

 

(____) Disclaim, refuse, or release an interest in property or a power of appointment

 

(____) Exercise a power of appointment other than:

 

(1) The exercise of a general power of appointment for the benefit of the principal which may, if the subject of estates, trusts, and other beneficial interests is authorized above, be exercised as provided under the subject of estates, trusts, and other beneficial interests; or

 

(2) the exercise of a general power of appointment for the benefit of persons other than the principal which may, if the making of a gift is specifically authorized above, be exercised under the specific authorization to make gifts (____) Exercise powers, rights, or authority as a partner, member, or manager of a partnership, limited liability company, or other entity that the principal may exercise on behalf of the entity and has authority to delegate excluding the exercise of such powers, rights, and authority with respect to an entity owned solely by the principal which may, if operation of entity or business is authorized above, be exercised as provided under the subject of operation of the entity or business

 

LIMITATION ON AGENT'S AUTHORITY

 

An agent that is not my ancestor, spouse, or descendant MAY NOT use my property to benefit the agent or a person to whom the agent owes an obligation of support unless I have included that authority in the special instructions.

 

SPECIAL INSTRUCTIONS (OPTIONAL)

 

You may give special instructions on the following lines:

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

______________________________________________________________________

 

EFFECTIVE DATE

 

This power of attorney is effective immediately unless I have stated otherwise in the special instructions.

 

NOMINATION OF CONSERVATOR

 

OR GUARDIAN (OPTIONAL)

 

If it becomes necessary for a court to appoint a conservator of my estate or guardian of my person, I nominate the following person(s) for appointment:

 

Name of nominee for conservator of my estate: _____________________________

 

Nominee's address: _____________________________

 

Nominee's telephone number: _____________________________

 

Name of nominee for guardian of my person: _____________________________

 

Nominee's address: _____________________________

 

Nominee's telephone number: _____________________________

 

RELIANCE ON THIS POWER OF ATTORNEY

 

Any person, including my agent, may rely upon the validity of this power of attorney or a copy of it unless that person knows it has terminated or is invalid.

 

SIGNATURE AND ACKNOWLEDGMENT

 

____________________________________           _______________________

Your signature                                                            Date

 

____________________________________

Your name printed

 

____________________________________

 

____________________________________

Your address

 

____________________________________

Your telephone number

 

State of ________________________

 

[County] of ________________________

 

This document was acknowledged before me on ________________________ (Date)

 

by ________________________ (Name of principal).

 

____________________________________                                     (Seal, if any)

Signature of notary

 

My commission expires: ________________________

 

This document prepared by: ____________________________________

 

 

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 you and the principal. This relationship imposes upon you legal duties that continue until you resign or the power of attorney is terminated or revoked. You must:

 

(1) 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;

(2) Act in good faith;

(3) Do nothing beyond the authority granted in this power of attorney; and

(4) 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:

 

(1) Act loyally for the principal's benefit;

(2) Avoid conflicts that would impair your ability to act in the principal's best interest;

(3) Act with care, competence, and diligence;

(4) Keep a record of all receipts, disbursements, and transactions made on behalf of the principal;

(5) 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; and

(6) 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:

 

(1) Death of the principal;

(2) The principal's revocation of the power of attorney or your authority;

(3) The occurrence of a termination event stated in the power of attorney;

(4) The purpose of the power of attorney is fully accomplished; or

(5) 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 "Uniform Power of Attorney Act", part 7 of article 14 of title 15, Colorado Revised Statutes. If you violate the "Uniform Power of Attorney Act", part 7 of article 14 of title 15, Colorado Revised Statutes, or act outside the authority granted, you may be liable for any damages caused by your violation.

 

If there is anything about this document or your duties that you do not understand, you should seek legal advice.

AGENT'S CERTIFICATION AS TO THE

VALIDITY OF

POWER OF ATTORNEY AND AGENT'S AUTHORITY

 

State of __________________________________

County of __________________________________

 

I, __________________________________ (Name of agent), certify under penalty of perjury that __________________________________ (Name of principal) granted me authority as an agent or successor agent in a power of attorney dated __________________________________.

 

I further certify that to my knowledge:

(1)  The principal is alive and has not revoked the power of attorney or my authority to act under the power of attorney and the power of attorney and my authority to act under the power of attorney have not terminated;

(2)  If the power of attorney was drafted to become effective upon the happening of an event or contingency, the event or contingency has occurred;

(3)  If I was named as a successor agent, the prior agent is no longer able or willing to serve; and

(4)  ________________________________________________________________

_____________________________________ (Insert other relevant statements)

 

SIGNATURE AND ACKNOWLEDGMENT

 

____________________________________           _______________________

Agent’s signature                                                            Date

 

____________________________________

Agent’s name printed

 

____________________________________

 

____________________________________

Agent’s address

 

____________________________________

Agent’s telephone number

 

This document was acknowledged before me on ________________________ (Date)

 

by ________________________ (Name of agent).

 

____________________________________                                     (Seal, if any)

Signature of notary

 

My commission expires: ________________________

 

This document prepared by: ____________________________________

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