A power of attorney generally comes into play if either you become incapacitated in any manner or if you are unable to act on your behalf for some reason. In Colorado, a power of attorney may be either general or specific in nature. These powers of attorney may either be durable or nondurable. The power of attorney document should be signed in the presence of a notary, who must also affix his/her signature and the notary seal to the document for the power of attorneyto be legally accepted.

What is the significance of power of attorney?

The power of attorney from in Colorado serves as a powerful document and it also gives authority to a family member or close person to take decisions on your behalf. It is obvious that the person who has given the power of attorney is also trustworthy.These forms are generally filled by individuals who leave the country often for extended period or may fall ill or become incapacitated.

Specifics of Power of Attorney Colorado:

A Colorado power of attorney formis a standard document that specifies few limitations like:

If the grantor of power of attorney dies, the agent shall take no additional money from his/her estate.
If the grantor dies, the agent should deliver the will to the court for safekeeping.
If the grantor dies, all fees and costs and expenses may be submitted to the court for approval.

When should you opt for Power of Attorney Colorado?

There are multiple reasons for an individual for using power of attorney Colorado.

A person who is ill or of failing health.
A person suffering from Alzheimer’s or dementia.
In case, the grantor owns a business then the agent should have the power to run and execute important tasks.

As it is almost next to impossible to predict the future, opting for power of attorney is the best way to prepare in case of an accident. No matter what the situation is, an individual might need power of attorney. According to the requirement, there are multiple types of power of attorney. Few of them are as follows:

a general power of attorney provides responsibility to a single individual for handling affairs on the behalf of the grantor.
A durable power of attorney is used in specified situations such as if the grantor become incapacitated.
Medical power of attorney grants permission to take health or medical decisions on the behalf of the grantor. It is generally prescribed by the persons who are terminally ill, elderly or having a high-risk job.
The parental Power of attorney provides the decision-making rights to the grantor in case if parents may not be present during an emergency.
The real estate power of attorney gives the permission to manage(buy/sell) property and the behalf of the grantor.
The tax power of attorney designates someone to handle all tax submission and management required on the behalf of grantor.
The vehicle power of attorney provides the agent the power to handle and manage all the documents related to grantor’s vehicle with the Colorado Department of motor vehicles.

Termination of Power of Attorney Colorado

Under Colorado law, a power of attorney terminates as:

The principal dies or becomes incapacitated.
The principal revokes the power of attorney.
The principal revokes the agent’s authority or the agent dies, and the principal does not provide for another agent to act and under the power of attorney.

If you ever need help for seeking power of attorney, you should always take the help of an experienced attorney for it.