A power of attorney or a proxy is a vital juridical document that allows a designated individual – most often, a longtime friend or a family member – to take critical decisions in your name. Hence, people residing in the state of Colorado may resort to one of the Colorado power of attorney forms. Considering the extensive authority offered by the power of attorney form, you should choose your representative wisely. This person must be trustworthy and responsible as they will take care of your monetary and personal affairs. In the prevailing number of cases, a specific type of proxy is used by people who wish their matters would be appropriately managed. That is if they lapse into severe illness or leave the territory of the USA for some time.
Download your fillable Colorado Power of Attorney Form in PDF format:
– Adobe PDF
As for the terminology, an individual providing permission is called the grantor, principal, or donor. At the same time, a person who is given special rights is referred to as the attorney-in-fact, private attorney, or agent.
To ensure that your Colorado power of attorney will become legally binding, you must draw it up under the local legislation, namely, with the Title 15-14 of Colorado’s Revised Statutes. The following includes some of the statements listed under Colorado laws:
- In the case of the principal’s demise, the allocated attorney-in-fact should present the POA to the court for safekeeping and notify all the agreement’s participants about it.
- Once the donor passes away, the private attorney is no longer entitled to take any funds from the principal’s property unless they have legal permission (issued by the court) to do so. When the grantor dies, the agent can only accept money to maintain the donor’s property. Nevertheless, the chosen representative can use these financial assets to pay for a funeral, cremation, or burial, should the circumstances permit.
- If the principal dies, all commissions, expenses, and costs claimed for acting as the private attorney, including reasonable compensation for being the donor’s delegee, can be submitted to the court for reconciliation in connection with the cancellation of the conservatorship.
Why Use a POA Form in Colorado
The reasons why a person living in Colorado would resort to a power of attorney are abundant. Thus, an individual of advanced age, mental disability, or poor health may require another person’s assistance to take care of their affairs. Older people may have Alzheimer’s or senile dementia and are no longer physically and mentally capable of coping even with minor everyday tasks. They also are incapable of paying bills and taxes, purchasing or selling real estate, supervising businesses.
However, a power of attorney is not solely intended for the sick or elderly. The creation of such a legal instrument is also highly advised for completely healthy people. There is a realm of reasons why someone would wish their representative to deal with their personal matters, and one of them is business. If the principal represents an enterprise owner, it is essential to endow the appointed attorney-in-fact with the right to manage and perform crucial tasks related to the firm, such as paying employees or suppliers. Nonetheless, as with all Colorado power of attorney forms, you must precisely specify which powers your representative has and which they don’t have. Hence, if the grantor doesn’t want their agent to have the right to fire or recruit employees, the principal should clearly indicate this in their proxy.
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).
Other Colorado Forms By Type
Other Power of Attorney Forms By State
- Alabama power of attorney
- AZ power of attorney form
- California power of attorney form
- CT POA
- Florida power of attorney form
- Georgia POA
- Idaho power of attorney
- Illinois POA
- Indiana power of attorney form
- Kansas power of attorney
- Kentucky POA form
- Louisiana power of attorney
- Maryland POA
- Ma power of attorney
- Michigan power of attorney form
- MN POA
- MO power of attorney form
- Nevada power of attorney
- NJ POA form
- NM POAform
- NY power of attorney form
- NC power of attorney
- Ohio power of attorney form
- Oklahoma POA
- Oregon power of attorney pdf
- PA POA
- SC power of attorney
- Tennessee power of attorney
- Texas power of attorney form
- Utah POA
- Virginia power of attorney
- WA POA
- Wisconsin POA form