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.
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.
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.
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.
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