A Colorado limited power of attorney allows the principal to appoint an agent to act on their behalf for specific tasks or a limited time. The powers granted can be as simple as picking up mail or as complex as handling real estate transactions. Regardless of the tasks assigned, the agent is legally obligated to act in the principal’s best interests, adhering to the same fiduciary duties as with a standard power of attorney.
While most forms conclude when the agent completes their duties, they can also include a specified expiration date or a clause requiring a formal revocation to end the agent’s authority.
Legal Considerations
Statute – Article 14, Part 7 (Uniform Power of Attorney Act).
Authority – § 15-14-724 – An agent under a power of attorney may perform financial actions, create or modify trusts, make gifts, and exercise fiduciary powers, but only if explicitly authorized in the power of attorney document.
Signing Requirements – § 15-14-705 – Notary public.
Related Forms
