Colorado Power of Attorney is a form that conveys legal authority for a trusted person to act on behalf of an individual in the individual’s absence. These types of forms can be used in a broad range of circumstances, including in a temporary situation where an individual will be out of town for a short period of time or in a longer term situation where an individual wants to protect him or herself in the event he or she becomes incapacitated. Because the person entrusted with the power will be able to take action on someone else’s behalf, it is important the individual granting the power trusts the person implicitly.
Laws – All forms should be written pursuant to Title 15-14 Colorado Revised Statutes.
Durable Power of Attorney – This document allows a person to designate a friend or relative to take control of their financial matters in the event of some sort of incapacity or illness.
General Power of Attorney – This allows an individual to grants an agent the power to make financial decisions on behalf of the principal, however it becomes void if the principal is deemed incompetent.
Limited Power of Attorney – This form allows a person to specify with particularity limited powers for an agent to take action on their behalf.
Medical Durable Power of Attorney – This form allows someone to choose a person who can make healthcare decisions for them.
Parental (Minor Children) Power of Attorney – A parent can use this form to appoint someone to be in charge of their children and make decisions on the children’s behalf if the parent is going to be unavailable.
Real Estate Power of Attorney – To be used by a party that is interested in having someone else sell real property on their behalf. The individual selected has a fiduciary duty to represent the seller’s best interests.
Revocation of Power of Attorney – This form can be used to revoke any power of attorney previously executed, as long as the principal is competent.
Tax Power of Attorney (DR 0145) – This form allows an individual to appoint an accountant or tax attorney to handle issues for them in front of the tax authorities.
Vehicle Power of Attorney – A person can use this form to appoint another person to handle issues involving the titling and registration of their vehicle.
How to Write
1 – Gather The Appropriate Paperwork
It is generally recommended to make sure you have up-to-date and accurate information to record on this form. Once you have organized the required paperwork, download or open this form by selecting your preferred file type underneath the preview image. Read through this document thoroughly before entering any information
2 – Record the Identities of Relevant Parties
Read the text on the first page. This will contain some important facts for the Principal. At the end of this introduction will be an area where the Principal must supply some items. Locate the heading “Designation of Agent,” then on the space after the word “I,” enter the Full Name of the Principal granting power.
Next, report the Agent’s Full Name, Complete Address, and current Telephone Number.
The following area will provide the space to fill in a Successor Agent’s Full Name, Complete Address, and current Telephone Number
The last party to be identified is the second Successor Agent’s area. Here, use the blank spaces provided to fill in the second Successor Agent’s Full Name, Complete Address, and Current Telephone Number
3 – Defining The Authority
The next section will attempt to give one or more definitions to the power the Principal is granting the Agent. There will be several statements, each noting a topic of control in the Principal’s life, that will be preceded with a blank space. The Principal must initial each statement he or she wishes to grant the Attorney-in-Fact or Agent being appointed through this form.
The Principal may grant the Agent Authority regarding his or her Real Property by supplying his or her initials on the blank space preceding the first item.The Attorney-in-Fact or Agent will assume Principal Power over the Principal’s Tangible Personal Property, once the Principal initials the second item.If the Principal intends the Attorney-in-Fact to use Principal Authority in matters concerning his or her Stocks and Bonds, then he or she must initial the third item.Principal Power over Commodities and Options will be granted to the Agent if the Principal initials the blank space preceding the fourth item.The Agent may wield Principal Power regarding the Principal’s Accounts in Banks and other Financial Institutions if the Principal initials the fifth item.The Principal can approve or grant his or her Authority and Power in the Operation of an Entity or Businesses by initialing the sixth item.Principal Insurance and Annuities Powers will be granted to the Agent when the Principal initials the seventh item.Power over the Principal’s Estates, Trusts and other Beneficial Interests may be assumed by the Agent once the Principal grants it by initialing the eighth item.The Agent may assume Authority over any Claims and Litigation the Principal is involved in if the Principal provides his or her initials in the ninth item.The Principal will approve an Agent’s Power over his or her Personal and Family Maintenance when providing his or her initials in the tenth itemThe Agent may assume Principal Authority over Benefits from Governmental Programs, Civil, or Military Service if the eleventh item is initialed by the Principal.The Principal may grant Power over his or her Retirement Plans to the Attorney-in-Fact by initialing the twelfth item.The Agent may assume Principal Power over the Principal’s Tax Matters if the Principal initials the thirteenth item.
You may initial the last item if all the previously listed powers will be granted to the Agent. If so, then only initial the space corresponding to the statement “All preceding subjects,” leaving the previous items unmarked.
The next area will list actions the Attorney-in-Fact may take with Principal Authority (some) regarding the previously listed subjects in the Principal’s life. As with the previous section there will be a blank space before each statement. The Attorney-in-Fact will not be allowed to perform any of the listed actions unless the Principal initials the blank space.
The Principal must initial the first line to give the Agent the power regarding inter vivos trust.
If the Agent may make gifts using Principal Authority, the Principal must mark the second line
If the Principal wishes the Agent to be able to Create or Change Rights of Survivorship, the third line must be initialed
The Principal must initial the fourth line if the Agent is expected to Create/Change Beneficiary Designation
If the Agent is to have the Principal Power to Authorize other parties to exercise Authority, the Principal must initial the fifth item.If the Principal will allow the Agent to Waive his or her beneficiary and/or joint/survivor annuity rights, then he or she must initial the sixth lineThe Agent may exercise Principal Fiduciary Powers if the seventh line is initialed by the PrincipalIf the Agent may Disclaim, Refuse, or Release Principal Interest in Property or Power of Appointment, the Principal will need to initial eighth lineIf the Agent may exercise the Principal’s General Power of Appointment (excluding a general conflict of interest with this one), the Agent will need to initial the ninth line.Should the Principal wish the Agent to exercise his or her Powers, Rights, or Authority as a member of a business (i.e. manager, partner, ltd, etc.), the tenth line will need to be initialed
Finally, there will be an optional section titled “Special Instructions.” Here the Principal may provide specific additions to the instructions and powers being delivered through this form. This may include, but is not limited to, definitions regarding circumstances, conditions, extensions, and/or restrictions that should apply to the Agent’s Principal Authority. The Principal is encouraged to be specific if utilizing this space. Note the section placing the condition that if the Agent is not an ancestor, descendant, or spouse then he or she may not use Principal Power for the benefit of satisfying an Agent obligation not concerning the Principal. If the Principal wishes to change the above statement, he or she should include this in the “Special Instructions” section.
4 – If A Conservator Must Be Assigned By The Court
The Principal may nominate a Conservator in the event the courts deem one is necessary for the welfare of the Principal. There will be enough room to nominate two separate individuals. Make sure that each is reported in his or her respective area.
Enter the name of the Nominee for the Conservator of the Principal’s Estate on the first blank line.
Report the “Nominee’s Address” on the second blank space. This should be the Address reported on his or her Identification (i.e. Driver’s License)
The third blank space has been reserved for the “Nominee’s telephone number”
5 – Signature and Acknowledgement
The end of this form will have a “Signature and Acknowledgment” area where the Principal will need to Sign his or her Name, Print his or her Name, Enter his or her Address and Telephone Number, then provide the Date of Signature for this document.
The next page of this form has been supplied for the use of the attending Notary Public. This entity must fill in the requested items (location, date, parties) then supply his or her information and Notarization Seal.
Both the Principal and Agent are encouraged to read the last few pages. This will contain information regarding expectations in conduct and compliance.