Colorado Durable Power of Attorney Form
A Colorado durable power of attorney form permits an individual (the principal) to appoint another person or entity (the agent) to make financial decisions and carry out tasks on their behalf. The principal must be mentally sound when drafting and executing the document. This form’s “durable” aspect ensures the agent’s legal authority continues even in the event of the principal’s incapacity. In this state, they can no longer make decisions independently. Individuals seeking non-durable power of attorney should use a general power of attorney instead.
What is a Colorado Durable Power of Attorney?
A Colorado durable power of attorney form is a legal document used in Colorado to grant decision-making abilities to another person or entity, known as the agent. The individual giving the authority is called the principal. This form allows the agent to make financial decisions and perform tasks on behalf of the principal as if they were the principal themselves. This form’s “durable” aspect ensures that the agent’s authority remains intact even if the principal becomes incapacitated.
The principal must draft and execute the document when they are of sound mind and legally competent. A durable power of attorney is necessary for long-term planning. It can provide peace of mind to the principal, knowing the agent will manage their financial affairs responsibly if they cannot do so themselves. Colorado state law allows the principal to name more than one (1) agent if desired; the principal should consider appointing an alternate agent if the primary agent becomes ill, neglects their duties, or makes poor decisions on the principal’s behalf.