Power of attorney of colorado law allows a person to make important choices on behalf of another person.
These forms may be used if a person is out of town for any reason and has to defend himself in Colorado state.
The person of power is allowed to act for another person, the person who gives authority must have full confidence in the person they are handing power over to.
What is Colorado Power of Attorney?
This power of attorney form for the state of Colorado does not let someone make decisions regarding your medical conditions.
More of this is explained in the Uniform Power of Attorney Act, part 7 of article 14 of title 15, Colorado. In this link, you learn all the important details that are necessary to be filled out and included in the form such as the current location of the agent. It also provides important information for agents who need to know their duties down to the letter. Moreover, when visiting the link, you will also learn about how the contract is formatted and what type of property, stocks, and bank information they can access when they eventually become your power of attorney.
The power of attorney form allows your agent (attorney) to make decisions concerning your property (including money) for you (the Principal). This also depends on whether or not you’re able to act for yourself. If you are, then there is no need for your agent to step in.
The agent’s authority will continue until the day you pass away as stated in the form. The principal can also revoke the general power of attorney rights in the state of Colorado if you do not want the current agent to represent you anymore.
The agent can also resign if he/she is unable to act for you or does not want to. In that case, you should name another power of attorney in case the original one decides to resign. You should pick someone you trust completely to serve as your agent to avoid naming many other people.
What is Included in a Colorado Power of Attorney?
A power of attorney manages things in your place if you are out of state for any reason.
Standard choices include the ability to access your bank accounts, pay bills, cash checks, and many more decisions regarding your property or money.
The powers of an agent are restricted to those granted in the form. A legal lawyer's authority will help you understand the powers and the responsibilities of your agents.
In Colorado, a power of attorney is valid unless otherwise specified by the principal. A lasting authority ensures that even though you are disabled, the agent will make decisions for you.
The agent you appoint will enter and manage your financial affairs immediately if you are disabled. They can also make medical decisions for you if that ability is granted in the form.
All receipts, payments, and major transactions should be made according to the signed power of attorney form.
An agent can be reimbursed for fair expenditures and paid for his or her job unless otherwise specified in the power of attorney form.
If a principal wants to make sure his agent gets paid for the work, then he/she should state it in the form.
More than one agent can be appointed by a principal. Both agents can also work together, but this must be included in the power of attorney form.
How to Fill in a Power of Attorney in Colorado?
To fill in a power of attorney form, you can follow the 8 steps listed below:
- Make sure to give the agents details such as an address, name, phone number, and mail on the first page and the empty lines.
- After filling that out, give the phone numbers, names, and addresses of the 2 successor agents. The first successor will take action for you if your agent is not able to act for you for any reason. The second successor acts for you if the first successor is not prepared to do so himself.
- Go through the page and tick the items you wish to grant access to your agent to act on your behalf. This is to make sure your agents understand what they have to do for you.
- Make sure to issue a discretionary particular authority, that the power of attorney does not have. Why do this? This will help reduce or change the way your possessions are distributed after your passing.
- Make sure to state from when the power of attorney is in effect, if not stated, then it will be in effect immediately.
- Make sure to also give the name, address, and phone number of the person who will be the conservator of your property.
- Fill out the form with your name, phone number, address, and signature to finalize the power of attorney contract.
- You should also write down when the contract will end. The people who have witnessed this form get signed will verify their presence, date, time, and the name of the principal.
And that's it! You do not have to do anything else!
To conclude, this power of attorney form for Colorado can literally save your life!
It is convenient and you can have someone you trust in the State to take care of it for you.
Although, if you need someone to handle your financials to be exact then you must get a financial power of attorney form. And the same goes for handling your medical situations for you.
In short, a durable power of attorney form allows someone to handle situations for you because you cannot be present yourself due to illness, disability, or absence. Then the power of attorney lets someone take over for you and act according to your needs.