The fact that there is a provision for a power of attorney under the laws of Colorado should tell you how important this power is. But I already have made a will, you might ask. Yes, you do. But a will takes over after your demise. What happens when you are alive but incapacitated?
Do you know that without signing and filing a power of attorney, your spouse and relative would have to write a petition to the courts to get control over your businesses, legal and medical matters? To save them from this stress, you need a durable power of attorney Colorado.
Important things that should be included in the power of attorney colorado form:
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- Identity of both principal and agent
- Authority and powers of agent written in clear terms
- Durability of form
- Signature of both principal and agent
What is Colorado Durable Power of Attorney?
The Colorado durable power of attorney, as a certain type of Colorado poa, is used by a principal to select another individual (agent or attorney-in-fact) to represent him/her on legal, financial or medical related matters when the principal is no longer mentally or physically capable of doing so.
However, this agent cannot make these decisions until it is certified by a credible medical professional that the principal can no longer make decisions for him or herself. Unlike a general power of attorney that terminates when the principal becomes incapacitated, a durable power of attorney continues even after the incapacitation of the principal.
Allow loved ones to take over with power of attorney Colorado
Use our Colorado power of attorney form to save your loved ones from the stress of filing a petition with the courts to gain control of your businesses and legal matters if you become incapacitated.
Download the PDF from here.
Why Would You Use a Colorado Durable Power of Attorney Form?
Why would you need a Colorado Durable power of attorney form? Because everyone does. It is the only acceptable document that shows that you allow an individual to represent you on general matters or specific matters, especially finance, if and when, you get incapacitated in Colorado.
Although commonly used by aging seniors or those in danger of suffering a mental health issue like dementia, it is not necessarily only used by people in this category. You should consider drafting one, if you:
- Travel often
- Work in a high-risk environment
- Take part in high-risk sporting activities
How to Get A Durable Power of Attorney in Colorado
You can obtain a durable power of attorney Colorado from a local library or download one of the many free Colorado durable power of attorney forms available on CocoSign. Should you want a financial power of attorney Colorado, a medical power of attorney Colorado or any other, CocoSign has got you covered.
Key Considerations
A durable power of attorney Colorado would usually become ineffective after the demise of the principal. Since a durable power of attorney is a very powerful one, you must appoint only someone who is capable and has your best interests at heart.
You should note that your agent cannot be a minor. Therefore, you cannot appoint your child who’s a minor as your agent. To contain the excesses of an agent, you can limit their powers and responsibilities.
For example, you can make your agent represent you only on financial and tax-related matters. The provisions of the law also allow you to fire your agent anytime you deem fit.
A durable power of attorney Colorado form is a very important one you must have. To start using one, you can download any of the free durable power of attorney Colorado templates available on CocoSign.
DOCUMENT PREVIEW
(____) 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:
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
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
____________________________________
