Colorado statutory power of attorney form authorizes an agent to decide on issues pertaining your assets including money on your behalf whether or not you can act for yourself. However, on matters concerning health care, the agent is barred from making decisions on your behalf. The powers granted to an agent are stated on the attorney act, part 7 of article 14 of title 15, Colorado revised statute.
It is very significant for you to select someone you trust because the legal relationship between you lasts for life long unless the POA is terminated or revoked.
When choosing an Attorney-in-fact you should choose someone who will:
- Act in good faith, care, competence, diligence and in loyalty
- Reasonably work in line with your expectations, preserve your estate plan and in your best interest
- Do nothing outside the granted power
- Disclose his identity as your agent and recognize you as the principal whenever he acts in your place.
Power of Attorney Colorado Facts
The agent is liable for damages that may result after acting outside the authority granted.
An attorney-in-fact who is not the principal’s ancestor, spouse or descendant cannot use your property to himself unless if specified in the template under special instructions.
How to Fill a POA form in Colorado
- STEP 1: You should provide the name, address and telephone number of your agent on slots provided on page 1.
- STEP 2: Provide the name, address and telephone number of two successor agents (the first and second successor). The first successor acts on your behalf if your agent is unable or unwilling, while the second successor, acts for you if the first is not prepared or incapable.
- STEP 3: Grant the authority on the items you want the attorney-in-fact or successor agent to act for you, per the uniform power of attorney Act, part 7 of article 14 of title 15, Colorado Revised Statute. You do this by initializing each subject you want to be covered in the authorization. You may give general authority by initializing “All preceding subjects.”
The slots for step two and three are provided on page 2.
- STEP 4: Issue discretionary particular authority which under normal circumstances the attorney-in-fact does not have. Granting the authority can reduce or change how your possessions are distributed after your demise.
- STEP 5: Grant special instructions including dates that the POA becomes active, otherwise, it is effective immediately.
- STEP 6: Give the name, address and telephone number of the nominee for the conservator of your estate and nominee for the guardian of my person.
- STEP 7: Append your signature, date, name printed, address and telephone number to authorize the POA.
- STEP 8: State the date of expiry of your commission. Your witness should fill the remaining part indicating the time of acknowledgment and name of the principal.
Termination of agent’s authority to act on behalf of a principal occurs if:
- The principal dies
- There is revocation of power of attorney or the agent’s authority
- The purpose of POA is accomplished
- There is a termination of event in the POA form
- The principal and the agent were married, and their marriage is called off
Frequently Asked Questions
- What powers can be granted in a Colorado Power of Attorney?
A Colorado Power of Attorney can grant a wide range of powers to the designated agent, including the ability to manage the principal's bank accounts, pay bills, file taxes, buy or sell property, and make medical decisions. However, the specific powers granted will depend on the language of the document and the preferences of the principal.
- Do I need an attorney to create a Colorado Power of Attorney?
While it is possible to create a Colorado Power of Attorney without the assistance of an attorney, it is generally recommended that individuals consult with a legal professional. This can help ensure that the document accurately reflects the individual's wishes and meets all legal requirements. Additionally, an attorney can provide guidance on how to select an appropriate agent and ensure that the document is properly executed.
- Can a Colorado Power of Attorney be revoked?
Yes, a Colorado Power of Attorney can be revoked at any time by the principal, as long as the principal is still of sound mind. The revocation should be in writing and provided to the agent, as well as any third parties who may be affected by the revocation.