What Is a Colorado Power of Attorney?
A Colorado power of attorney (POA) allows one person to act on behalf of another. The principal creates the document and selects the authorities to provide to the agent.
Colorado law requires the principal to be at least 18 years of age and mentally competent. This means that they must be able to understand and agree to the terms of the arrangement.
With our Colorado power of attorney templates, you can easily create an agreement that fits your needs. Each form is ready to download and print, and they follow Colorado’s legal requirements.
Types of Powers of Attorney in Colorado
The different types of powers of attorney provide more specific terms to meet your needs. You can select which document to use depending on the powers you want to provide to the agent and whether you want them to maintain their permissions after you become incapacitated. Consider the following common types of powers of attorney in Colorado to determine the best arrangement for you.
Durable vs. Non-Durable
Power of attorney agreements operate as either a durable or non-durable contract. In a durable POA, the agent can continue using the granted authorities even after the principal becomes incapacitated. A non-durable arrangement automatically revokes the agent’s abilities at the principal’s incapacitation.
All Colorado power of attorney documents fall under CO Rev Stat § 15-14-704 and the Uniform Power of Attorney Act. This means that all POA documents are assumed to be durable unless the agreement explicitly states otherwise.
Financial
A financial POA can allow your agent to handle your monetary assets and estate. You can choose which financial powers you want your agent to have, like the ability to do the following acts:
- access to bank accounts
- ability to make payments
- control over stocks and bonds
- management of personal and real property
- ability to make business decisions
Medical
You can give your agent the power to make decisions about your medical care using a medical or healthcare POA in Colorado. In this arrangement, you can select authorities for your trusted agent. These powers can give the agent the ability to make decisions regarding treatment, such as:
- CPR or life support
- access to medical records
- pain management and medication
- admission to health care facilities
If you have a living will, make sure that the powers granted to the agent match your existing documents. A living will contains information about your desire to receive life-sustaining treatment in the event that your recovery is unlikely. These two forms can be combined to form a health care advance directive.
Durable (Financial)
Will remain in force even if you become incapacitated. It's presumed to be durable unless the document states otherwise.
Signing Requirements: Notary public.
Medical
Specifies the kind of medical care you should receive should you become unable to make decisions yourself.
Signing Requirements: Just the principal - No witness or notary signatures required (§ 15-14-506).
Limited (Special)
Restricts an agent's powers to manage only certain affairs.
Signing Requirements: Notary public.
Non-Durable (General)
Gives your appointed agent legal authority to manage your business and financial affairs. Terminates upon the principal’s incapacity.
Signing Requirements: Notary public.
Springing
Takes effect when a specific event occurs, such as the incapacitation of the principal.
Signing Requirements: Notary public.
Motor Vehicle (Form DR 2175)
Restricts an agent or proxy’s authority to manage a person’s vehicle-related affairs.
Signing Requirements: Notary public.
Real Estate
Authorizes a third party (agent) to manage your property affairs.
Signing Requirements: Notary public.
Tax (Form DR 0145)
Grants a third party the legal power to manage your tax affairs.
Signing Requirements: Taxpayer.
Minor (Child)
Grants temporary parental responsibility to an agent or proxy.
Signing Requirements: Notary public.
Revocation
Ends an agent's authority under a previously created POA.
Signing Requirements: Notary public.
How to Write a Power of Attorney for Colorado
Writing a power of attorney document requires careful consideration of your desired terms and required state regulations. Create an effective Colorado power of attorney with the following steps:
- Provide principal and agent information: State the full legal name and contact information for both the principal and agent. CO Rev Stat § 15-14-711 allows you to add coagents and multiple successor agents.
- Grant general authorities: Choose whether you want to give your agent powers for each item listed in the general authorities. This includes handling bank accounts, managing property, and making health care decisions.
- Define specific powers: Some additional authorities fall under the specific powers section. In this section, mark whether you want the agent to handle trusts, gifts, or beneficiaries.
- Add special instructions: If you want to note any limitations or specific guidelines for your agent, you can enter them in this portion of the form. This may include limits for the duration of their powers or restrictions on the amounts for gifts or transactions.
- Establish effectiveness: According to CO Rev Stat § 15-14-709, POAs become effective at the time of their creation unless an effective date or contingent event is defined in the agreement.
Legal Requirements and Considerations for Colorado POAs
Verifying and executing your POA in Colorado requires you to understand and follow the state’s laws and legal mandates. Ensure your power of attorney forms meet the following standards for each area.
Notarization
Per the requirements in CO Rev Stat § 15-14-705, a general Colorado POA is considered genuine and valid when the principal signs in the presence of a notary public. Notarizing the document ensures that medical, financial, and legal institutions honor the terms. Certain types of powers of attorney, such as medical or real estate POAs, may require witnesses in addition to notarization.
Filing
Filing is not required unless the POA includes the agent’s ability to handle real estate. Real estate POAs should be filed with the appropriate county’s Clerk and Recorder’s Office. Sometimes, you may also have to file a copy with financial institutions or medical providers.
Revocation
You can revoke the power of attorney agreement to remove the agent’s abilities using a few different methods, as listed in CO Rev Stat § 15-14-710. The principal can end the agent’s powers at any time by writing and delivering a written notice of revocation. Once the agent receives the notice, their authorities are revoked. Actions taken in good faith by the agent before they are aware of revocation remain valid.
Other events listed in the state statutes or communicated in the terms of the original agreement may also revoke powers. The arrangement will end at the principal’s death in a durable POA or at the time of incapacitation for a non-durable agreement. It may also end after it fulfills the specific purposes or periods listed in the original agreement.
Under CO Rev Stat § 15-14-718, the agent can resign anytime by delivering an agent resignation notice to the principal. In addition, if the agent is the principal’s spouse, their ability to act as the attorney-in-fact automatically terminates in a divorce or legal separation.
