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Power of Attorney in Colorado Springs, CO

Have you ever wondered who would take care of your finances or make decisions for you if you were unable to do so for yourself? Don’t worry about leaving it up to whoever the law says has this right. Look into securing a power of attorney. This legal document can help you prepare for any situation where you may need someone else to make decisions for you. With the help of an attorney in Colorado Springs, Colorado you can easily set one up and get peace of mind today.

What Is a Power of Attorney?

The American Bar Association defines power of attorney as a document that gives someone power to act on your behalf as a legal agent. This authority can be either temporary or permanent. The result is that your designated agent can manage your affairs without your written approval.

Why Would You Need a Power of Attorney?

One of the reasons why you may pursue a POA is for convenience. For example, you may rather have someone manage your assets without securing your approval each time. Any Colorado POA can circumvent checks and balance steps, and allow someone to act on your behalf.

Another reason for a POA is if you are unable to make legally sound decisions. A POA provides you with security, giving a person of your choosing the power to act for you. This arrangement is typical for senior citizens. It’s also common for people with severe physical or mental conditions that prevent them from making decisions.

Types of Power of Attorney In Colorado Springs, Colorado

Not every POA grants the same powers to your agent. You can choose from a variety of different POAs. This allows you to cater to what best suits your situation.

General Power of Attorney

A general POA grants an array of powers to the agent. This can include:

  • The ability to handle your financial matters and accounts
  • Power to manage your insurance needs
  • The ability to operate your business
  • The ability to make business decisions on your behalf
  • Power to hire or fire employees
  • The ability to settle claims against you
  • The ability to change your estate plan.

You may use this type of POA if you will be away for an extended period and need legal representation in Colorado Springs, CO to handle your affairs. This legal arrangement may happen during your absence. It may also occur in a situation where you cannot make the decisions on your own due to an illness or injury.

Special Power of Attorney

A special POA is more specific, giving you the power to sign off on distinct powers granted to your agent. For example, if you only want someone to sign off on real estate deals, a limited power of attorney would be proper. You may also choose to use a special POA when you don’t have the time to deal with specific affairs due to time or health constraints.

Colorado law allows residents of Colorado Springs to place an agent in charge of their real estate holdings. This agent will be given the power to make decisions on behalf of the principal in all matters of the sale of real property. While some choose to download forms online, you may want to seek the counsel of an experienced attorney in Colorado Springs so there are no mistakes or surprises when you transfer power to your agent.

Health Care Power of Attorney

A healthcare power of attorney (POA) gives your designated agent the authority to make medical decisions on your behalf if you are unconscious or otherwise unable to make decisions about your care. While specific laws vary by state, this authority can include serious decisions, such as whether to continue or end life support.

Establishing a healthcare POA is especially important for individuals who are elderly or facing serious health conditions. It allows you to appoint a trusted person, such as a child or close family member, to act in your best interests and ensure your medical care aligns with your wishes.

Durable Power of Attorney

A durable power of attorney (DPOA), enables the agent to control specified functions. DPOAs are useful if you anticipate losing your mental faculties, such as after an Alzheimer’s diagnosis. In essence, it acts as a preventative safeguard.

The Colorado State Legislature affirms that all power of attorney agreements are considered durable under the law. The only exception to this is if you expressly define separate terms of durability in your POA agreement. If so, you will have to specify which powers are not durable, and the terms surrounding them.

Choosing an Agent

The person you choose as an agent should be someone you trust. Often, people choose a family member as they usually have your best interests in mind and are close to you. However, you can select any individual to be your POA. Keep in mind that whoever you choose will be in charge of managing your affairs. This should be someone you trust to honor your wishes.

Appointing Multiple Agents

As a principal, in Colorado Springs, CO you have the right to appoint multiple agents. You decide whether these agents act together or make separate decisions. Having two or more agents establishes a system of checks and balances. This procedure keeps one agent from making too rash of a judgment. However, it can also lead to discrepancies that may cause delays.

At the very least, it is crucial to have a backup POA should something happen to your primary. A successor agent can take control once the primary agent either passes away or cannot carry out the duties of an agent.

Revoking a Power of Attorney in Colorado Springs, Colorado

You have the right to revoke your power of attorney at any time as long as you are of sound mind to do so. You will have to put your revocation in writing and file it with the same place in Colorado Springs, CO that handled your original POA paperwork.

Another party may also try to revoke your POA. Although, that becomes a much more complex legal proceeding and would be difficult to prove in court. The person would have to show the agent has done something to jeopardize your interests.

According to the Colorado State Bar, residents of Colorado Springs can revoke power of attorney at any time, up until the point of death. Revocation requires the filing of new documents with the county clerk. These documents must contain the name of the principal, the date, and the powers that are being revoked.

Using a POA to Protect Your Interests

You can insert provisions into your agreement that force your agent to report to an outside party. For example, a family accountant or a designated medical doctor could fill this role. This arrangement adds another layer of security and guarantees that another party can review decisions.

The Colorado Uniform Power of Attorney Act gives those living in Colorado Springs the right to name a neutral third party in their power of attorney agreements. These third parties can add a layer of security when dealing with difficult issues such as finances, or health care. If you so wish, you can name a neutral third party, such as an accountant, to oversee your agent as they act on your behalf.

Do I Need a Lawyer to File POA in Colorado Springs, Colorado?

It is always wise to consult with an attorney who specializes in Colorado Springs trust or estate issues. POA paperwork can be complex, so having a dedicated Colorado Springs legal professional on your side is helpful. A lawyer can also help you add provisions that safeguard your interests when you cannot look out for yourself.

Work with an Experienced Local Lawyer in Colorado Springs, Colorado

If you want to create a power of attorney, you should begin by speaking with an attorney. We can match you with an experienced Colorado Springs lawyer that can help you navigate your POA. We can even help you connect with an attorney across Colorado state lines.

Submit a request online or call us today at (866) 345-6784 to get in touch with an experienced lawyer in your area!

About the Author

Aaron is a professional legal writer with a B.S. in English Education from Southern Illinois University – Carbondale. He has written, published, and edited thousands of legal articles for RequestLegalHelp, which has connected over 5 million people to legal help in the United States.

With over five years of experience writing thousands of legal articles for law firms across the U.S. and Canada, Aaron specializes in covering federal, state, and city-level legal issues ranging from auto accidents to wrongful terminations.

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