Colorado General (Financial) Power of Attorney Form
The Colorado General (Financial) Power of Attorney is a document that contains the legal provisions that are required for one party to act in the role of an agent to manage the finances of another party, who is known as the principal. As per the terms of this agreement, the agent must halt their duties if the principal becomes incapacitated, as the form automatically revokes in such situations. It is vital that any terms of such an arrangement are documented in a legal manner via the execution of this POA, as failure to do so may lead to misunderstandings about the agent’s obligations, which can cause significant financial damage to the principal should it occur.
State Laws & Signing Requirements
State Laws: CO Uniform Power of Attorney Act
Signing Requirements (§ 15-14-705): In addition to having the principal sign the POA, their signature must be acknowledged by a party that is permitted to acknowledge legal documents, such as a notary public.
What Powers can be Assigned?
With the POA, the principal can assign decision-making power over a broad range of financial matters, such as over
- Commodities & options
- Personal property (tangible & non-tangible)
- Real property (although a real estate POA is a better form for such circumstances)
- Retirement benefits & programs
- Bank accounts
- Changing survivorship rights
- Alter an inter vivos trust