A Colorado 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. This authorization can include a wide range of responsibilities, such as handling bank accounts, paying bills, managing investments, and making financial decisions on behalf of the principal.
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).
Authority (Colo. Rev. Stat. § 15-14-724) – The appointed agent can only perform actions on behalf of the principal if explicitly authorized by the power of attorney.
Signing Requirements (Colo. Rev. Stat. § 15-14-705) – To validate a power of attorney, 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.
Presumption of Durability (Colo. Rev. Stat. § 15-14-704) – Yes, a power of attorney in Colorado is considered durable unless it explicitly states that it terminates upon the principal’s incapacity.
