![]() For example, a principal may direct that a power of attorney is “standing” if the principal’s spouse is acting as agent however, if the spouse cannot act, the successor agent’s power may be “springing.” Does a power of attorney take away a principal’s rights?Ī power of attorney does not take away a principal’s rights to make decisions. However, powers of attorney may contain language that blends these two concepts. The second type is a “standing power,” which takes effect as soon as it is signed by the principal. Typically, the event would be when a licensed physician determines that the principal is incapacitated. The first is referred to as a “springing power,” which means that the power of attorney will take effect only when an event described in the instrument takes place. In general, a power of attorney may take effect in two different ways. The terms of a power of attorney will determine when it takes effect. When does a power of attorney take effect? You will find this form at § 15-14-741, Colorado Revised Statutes (2010). However, the “Colorado Statutory Power of Attorney” is probably the best form to use. If you choose not to have an attorney assist you, you will find power of attorney forms available to the public through various sources. Once the document has been prepared, it should be notarized.īecause a power of attorney should be tailored to your particular circumstances, it should be written by an attorney to assure that your intentions are clearly expressed. How do I create a power of attorney?Īny adult, who understands what they are doing, can create a power of attorney by writing down the name of the person he or she wishes to designate as an agent and exactly what he or she wants the agent to do. By preparing a durable power of attorney in advance, you decide who will make your decisions and, by doing so, you may save your family the stress and expense of a court proceeding. Guardianship and conservatorship proceedings may be expensive, public and time consuming. ![]() ![]() If you become incapacitated because of an accident or illness, your agent can immediately step in and make decisions for you without going to court to obtain a guardianship and/or conservatorship. Why should I have a durable power of attorney? Powers of attorney signed before Janumust include language which states that “this power of attorney shall not be affected by disability of the principal” or “this power of attorney shall become effective upon the disability of the principal,” or similar words. All powers of attorney signed after Januwill be durable unless otherwise stated. What is a durable power of attorney?Ī “durable” power of attorney permits an agent to make decisions on behalf of the principal even if the principal becomes incapacitated. The following sections describe these two powers of attorney in greater detail. A Financial Power of Attorney gives an agent authority to manage the principal’s finances and property, and to transact business on behalf of the principal. What is the difference between a medical and a financial power of attorney?Ī Medical Power of Attorney generally gives an agent the authority to make medical and personal decisions on behalf of the principal. When transacting business on behalf of the principal, the agent must use the principal’s finances as the principal would use them for the principal’s own benefit. In general, the agent has authority to do whatever the principal may do – withdraw funds from bank accounts, trade stock, pay bills, cash checks – except as expressly limited in the power of attorney. An agent may not override the wishes of the principal. The agent has the obligation to make decisions based upon the preferences of the principal and the authority granted in the document. A Financial Power of Attorney, also known as a General Power of Attorney or General Power of Attorney for Property, is a very flexible and inexpensive method for a person (the “principal”) to give another (the “agent” or “attorney-in-fact”) legal authority to manage some or all of the principal’s financial affairs.
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