Colorado power of attorney – The Colorado power of attorney allows a resident of the State to choose an agent to make financial – related or health – care related decisions on their behalf. There are a total of six forms available, each designed to serve a unique purpose for making end of life decisions for the principal to providing an agent with the permission to file income taxes.
After completing the desired form, it is recommended to have all signatures be witnessed with a notary present to ensure the document’s legal status. Well, You have come to the right place! Our law firm tends to provide exactly the business lawyers you are craving for. Attorneys at our firm are not only uniquely talented but are also very famous and recommended by our previous clients.
Colorado Power of Attorney – Multiple Types
There are multiple types of decisions that the agent can be given power to make, including the power to:
- Make financial decisions
- Make gifts of money
- Make healthcare decisions, including the ability to consent to giving, withholding, or stopping medical treatments, services or diagnostic procedures ( Note: your loved one can also make a separate “healthcare power of attorney” to give only this power to another individual.)
- Recommend a guardian
Power of Attorney Colorado – There are four types
General Power of Attorney – In this situation, the agent can perform any act as the principal, such as opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.
Durable Power of Attorney – This arrangement designated another person to act on principal’s behalf and includes a durable clause that maintains the power of attorney after the principal becomes incapacitated.
Special or Limited Power of Attorney – In this instance, the agent has specific power limited to certain area. An example is a power of attorney that grants the agent authority to sell a home or other piece of real estate.
Spring Durable Power of Attorney – In some states, a “spring” power o attorney is available and becomes effective when a specified event occurs such as when the principal becomes incapacitated.
Colorado power of attorney requirements – Legal Requirements
You can create a power of attorney if you are at least 18 years old and understand the powers you are granting when you sign. Your Colorado power of attorney must be in writing must identify your named agents and must clearly define the authority you want your agents to have. In addition, a notary public needs to witness your signature.
The Scope of Financial Power of Attorney – Colorado Power of Attorney Requirements
Financial powers of attorney authorize the agents you name to handle financial transactions on your behalf, obtain information, and share information with financial providers. You can create financial powers of attorney that are broad, authorizing your agent to handle any type of transaction. Alternatively, you can also limit the power of attorney to handle a real estate matter for you, but you may not want them involved in banking or investment transactions.
A broad power of attorney does not necessarily cover all powers, though. Your financial power of attorney must specifically state whether you want your agent to have authority over certain types of transactions, including gifting, beneficiary changes, transactions related to trusts, changing rights of survivorship, and other “hot powers”. If you do not specifically grant these powers, your agent does not have authority to handle these matters.
Medical Power of Attorney – Colorado Power of Attorney
When you create a medical power of attorney, you authorize some to act as your agent to carry out your wishes and make decisions about your health- care, Your medical power of attorney can be simple, giving your agent broad decision – making authority. Alternatively, you can create a detailed medical power of attorney documenting your thoughts, beliefs, and wishes for care.
Your power of attorney takes effect immediately when you sign it unless you specifically designate otherwise in the document. Financial powers of attorney are also presumed “durable” unless you indicate your intention to create a non durable power of attorney. A durable power of attorney remains in effect during periods of lifetime incapacity or incompetence. Unless you include an expiration date, your agent has authority until the moment you die or until you revoke the document.
You can hire a n attorney to draft your power of attorney documents, obtain forms from an office supply store and prepare them yourself, or hire an online service provider to create power of attorney for healthcare and finances.
Colorado power of attorney laws – How to transfer a Power of Attorney
An agent can never transfer their authority to another person unless the Power of attorney permits it in doing so. As principal however, transferring a power of attorney to another agent is as simple as revoking the existing power and creating a new one. Follow these steps in order to transfer the authority.
Prepare a written statement revoking the Power of Attorney using an online form or drafting one on your own the statement should include your full legal name and address, The statement’s date, A declaration that you are of sound mind, A declaration that you no longer wish the agent to have legal authority to act for you.
Provide a copy of your signed notarized statement revoking the Colorado power of attorney laws to the agent. Check with the banks or other financial institution to be sure they don’t have any other requirements. If you cancel a medical power of attorney, be sure to distribute copies of the statement revoking it to your doctors and health care providers.
Prepare a new Power of attorney after revoking the previous one, designate a new agent, the new power of attorney should also contain statement revoking all prior powers of the attorney. As with the original documents the new one should be signed and notarized.
Regardless of the facts of how you choose the power of attorney it is important to think carefully before appointing a family member or a friend to act as your agent. Acting as a agent under a power of attorney is a big responsibility, so be confident the person you name is willing and able to assume the responsibilities. You should trust the people you name to make decisions that are in your best interests and that align with your wishes and values. For More information kindly visit our home page.