It is impossible to know what tomorrow brings, so it is always best to be prepared beforehand in case of a tragic accident. Regardless of the situation, one person’s power of attorney demands will differ from those of another person. Therefore, there are several types of proxies available. Below you will see some of them, which are in high demand in the Colorado State:
General Power of Attorney
This POA form presents the selected agent with the opportunity to deal with money-related affairs in the principal’s name. The private attorney is endowed with the legal right to take the donor’s financial matters into their own hands. Yet, in the event of the grantor’s demise or their disablement, this juridical document will cease to exist.
Durable Power of Attorney
A durable proxy is designed to let the attorney-in-fact act on behalf of the donor in the mentioned circumstances. It is called “durable” because its legality remains even if the principal loses their physical and/or mental capabilities.
Limited Power of Attorney
The following power of attorney grants limited power to the chosen representative, giving them the right to make tough calls in the name of the donor, yet, letting the agent deal with only indicated matters. Restrictions should be stated in your Colorado power of attorney form for it to come into force. For instance, the attorney-in-fact could be granted access to the donor’s banking accounts to manage costs and foot the bills. At the same time, they may not be permitted to sell any belongings and estate of the grantor, including automobiles, houses, or personal possessions. When the POA’s author dies, the agreement terminates.
Medical Power of Attorney
A healthcare proxy endows the private attorney with the authority to make critical decisions about the principal’s medical treatment. Such a POA form is mostly used by those suffering from lethal diseases, older adults, or individuals earning a living in dangerous environments.
Parental Power of Attorney
Such a power of attorney form aims to provide decision-making powers to the assigned delegee – or rather, a temporary guardian of the grantor’s minor kids – concerning children’s well-being and possible health intervention. It is primarily used when the parent needs to be absent for a specific time or leave the country for several months to a year.
Real Estate Power of Attorney
The next Colorado power of attorney form allows its creator to allocate a person to perform sales and purchase of the property contracts on their behalf.
Vehicle Power of Attorney
A vehicle POA is similar to the previous type. The only difference is that it lets the agent control the ownership of the donor’s vehicle(s) and all related documentation.
Revocation of Power of Attorney
Just like any legal paper or juridical agreement, any Colorado proxy can be annulled, simultaneously terminating the deal between the parties, with the help of this form.
State Tax Power of Attorney
A state tax power of attorney in Colorado comes to your rescue whenever you need to appoint a reliable and capable adult as your “surrogate” taxpayer who will submit the principal’s income taxes. This legal paper needs to be composed in the presence of a notary public and be signed and witnessed by all the participants. Proper completion of this POA form should be carried out in compliance with Colorado legislation – Title 15-14-7 (Uniform Power of Attorney Act).