A Complete Guide to Drafting a Power of Attorney in Colorado

Create a Power of Attorney A Complete Guide to Drafting a Power of Attorney in Colorado

Power Of Attorney in Colorado—Fully Explained

It’s hard to imagine that one day you or your loved one won’t be able to make decisions because of an illness or disability, but it’s important to be prepared.

We will make it easy for you by giving you all the details on a power of attorney in Colorado. DoNotPay can also help you create your own durable power of attorney in a matter of minutes.

What You Need To Know About the Colorado Power of Attorney

A power of attorney (POA) is a document that grants powers over someone’s legal, medical, and financial matters to another person—known as an agent or attorney-in-fact. The person who’s granting those powers is called the principal.

In Colorado, all powers of attorney that give authority over the principal’s financial matters are durable unless the document states otherwise, in which case a POA can be medical, general, or limited.

A POA doesn’t take away the principal’s rights to make decisions regarding a certain matter.

What Is a Durable Power of Attorney in Colorado?

A durable POA permits an agent to manage legal and financial matters on the principal’s behalf even if the principal becomes physically or mentally incapable of making decisions on their own.

The difference between a durable and general POA is that the general one ends once the principal becomes ill or incapacitated. If the principal created a general POA before becoming incapacitated, the agent would need to obtain guardianship or conservatorship, which can be expensive. That’s why drafting a durable POA is a better choice for safeguarding finances.

When Does the Power of Attorney in Colorado Take Effect?

The time when the POA comes into effect depends on the type of POA and your specific instructions. A power of attorney can take effect in the following ways:

  • Springing power—A springing POA becomes effective after a specific date or occurrence (most commonly once a principal is proven to be mentally incapacitated)
  • Standing power—A POA becomes effective as soon as both parties sign it. All powers of attorney created after January 1, 2010, are standing unless specified differently in the document

When Does the Power of Attorney in Colorado End?

When it comes to the termination of a POA in Colorado, there are a few events that take away the agent’s powers. The agent must stop acting on behalf of the principal if any of the following happens:

  1. Divorce or legal separation (if the agent is the spouse of the principal)
  2. Principal revokes the POA
  3. Purpose of the POA is fulfilled
  4. Principal passes away
  5. Agent is no longer willing to perform the duty

How To Set Up a CO Power of Attorney

To create a POA in Colorado, you need to be at least 18 or older and fully aware of what you’re doing. Check out the table below for instructions on creating a POA:

Finding the agentAppointing an agent is an important first step in creating a POA. The principal should choose someone they can trust and someone whose intention is to make decisions that will benefit them. The agent should be a person who is responsible because they will manage the principal’s legal, financial, and health care matters, depending on which type of POA they make
Filling out a POA formYou can find forms in a few places:

  • On a website that sells POA forms
  • In an office supply store
Deciding which powers the agent will haveThis part might be the most important one because it will include all the powers that the principal is transferring to the agent. Agents in Colorado can be authorized to deal with:

  • Real property
  • Tangible personal property
  • Stocks and bonds
  • Commodities
  • Banks and other financial institutions
  • Insurance and annuities
  • Estates, trusts, etc.
  • Claims and litigation
  • Retirement plans
  • Taxes
Making it officialBoth parties must sign the document. It’s usually the best decision to get the POA notarized because notarization ensures the document carries more legal weight

Rely on DoNotPay To Generate a Colorado POA in No Time

Composing a POA by yourself is complicated, and hiring a lawyer could be an expensive option for some people. If you’re thinking about granting durable power of attorney to a friend or a family member, DoNotPay has a solution.

We can help you draft a personalized durable power of attorney letter in three simple steps. All you need to do is sign up for DoNotPay and do the following:

  1. Find the Create a Power of Attorney product
  2. Complete the questionnaire
  3. Click on Submit

After you go through all the questions, we will create a customized POA using all the information you provided. We will include two notices that you and your agent need to read before you sign the document.

If you want to get the POA notarized, we can help with that too. You only need to tell our chatbot that you want notary services, and DoNotPay will connect you with a notary public. The notary will witness your signing during a virtual appointment.

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With our help, you will be able to:

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