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The power of attorney form serves as a document that authorizes a close friend or family member to make decisions on your behalf. This form is a powerful document, and it is imperative that whoever you grant power of attorney to, is trustworthy. These forms are often used by individuals who would like their affairs handled should they fall ill, or leave the country for an extended period of time.
Quick Reference:
The person granting permission: the principal, donor, or grantor
The person receiving authorization: the agent, or attorney-in-fact
A Colorado power of attorney is a form is a standard document that is in compliance with Title 15-14 of Colorado’s Revised Statutes. Here are some of the specified provisions under Colorado law:
There are many reasons why an individual would use a Colorado power of attorney. Sometimes a person who is elderly, mentally ill, or of failing health may need someone to handle their affairs. Elderly individuals who may suffer from Alzheimer's or dementia and may no longer be able to handle affairs such as paying bills, or buying or selling property. It is important to remember that in Alabama, a power of attorney does not grant the power to make medical decisions, as those are governed by other applicable laws.
A power of attorney form is not only for the sick, or elderly. Power of attorney forms are recommended for the perfectly healthy as well. There are multiple reasons why one would want their agent to handle their affairs, and one of those is business. If the grantor owns a business, then it is important that the agent have the power to run, and execute important tasks that involve the company, such as paying employees or vendors. However, as with all power of attorney forms, it is imperative that you clearly state which powers your agent does and does not have. If you do not want your agent to have the power to fire or hire employees, then you must clearly state this in your document.
No one knows what will happen tomorrow, and it is always best to be well prepared in the event of an accident. No matter the situation, one individual’s power of attorney needs will vary from the next. Accordingly, there are many types of power of attorney. Here are some of the most commonly used in Colorado:
General Power of Attorney
A general power of attorney grants a single individual to handle financial matters on behalf of the grantor. The attorney-in-fact is given responsibility, and legal right to handle affairs on the grantors behalf. However this authorization would become null and void should the principal become incapacitated or were to pass away.
Durable Power of Attorney
A durable power of attorney is used to allow an agent to act on the behalf of the grantor in specified situations. The term "durable" comes from the fact that this authorization continues if the grantor were to become disabled or incapacitated.
Limited Power of Attorney
A limited power of attorney grants limited authority to the agent, granting him or her the authority to make decisions on the grantors behalf, however, only allowing the agent to handle certain affairs. The limitations must be clearly stated in the Colorado power of attorney form for it to take effect. For example, the agent may be granted access to the principal’s bank accounts to pay bills and expenses, however, the agent may not be granted permission to sell any property, such as cars, real estate, or personal belongings. If the principal passes away, the power of attorney will no longer be valid.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make medical or health decisions on the grantor’s behalf. This is commonly used by individuals who are terminally ill, elderly, or for those who may work a high-risk job such as a police officer, or a logger.
Parental Power of Attorney
This type of power of attorney allows a parent to grant decision-making rights over their minor child to a temporary guardian in the case that the parent may not be present during a medical emergency. This form is generally used if the parent must leave the country for a period of time.
Real Estate Power of Attorney
This allows the grantor to designate someone to buy, sell, or manage property on his or her behalf.
Revocation of Power of Attorney
The form ends the current power of attorney form in place and effectively ends the grantor-agent relationship.
Tax Power of Attorney
This power of attorney, initiated in Colorado by Form DR 0145 allows a capable individual, generally an accountant, to handle all tax preparation and submission needs on the grantors behalf.
Vehicle Power of Attorney
This type of power of attorney grants the agent power of attorney to handle all documents relating to the title and registration of the of the grantors vehicle with the Colorado Department of Motor Vehicles.
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