A Colorado non-durable (general) power of attorney (GPOA) grants an individual, known as the “principal,” the ability to appoint someone else, referred to as the “agent” or “attorney-in-fact,” to manage their financial affairs, including bank accounts, paying bills, managing investments, and making financial decisions.
This non-durable document becomes ineffective if the principal becomes incapacitated or mentally incompetent. Individuals opt for a durable power of attorney when they want to ensure continuity in managing financial matters, especially in the event of unforeseen circumstances that render them unable to make decisions.
Laws — Title 15 Article 14 Part 7 (Uniform Power of Attorney Act).
Durable (Colo. Rev. Stat. § 15-14-704) – A power of attorney in Colorado is considered durable unless it explicitly states that it terminates upon the principal’s incapacity.
Signing Requirements (Colo. Rev. Stat. § 15-14-705) – It must be signed by the principal or, if directed by the principal, by another individual in their conscious presence. The signature must be acknowledged by the principal before a notary public or other authorized individual.
