Signing Requirements
The principal must sign the power of attorney in the presence of a notary public. In addition, the agent has the option to have their signature acknowledged on the Agent’s Certification to certify facts concerning a power of attorney.[1][2]
Powers Granted
An agent may do the following only if the power of attorney expressly grants the authority:
- Create, amend, revoke, or terminate an inter vivos trust;
- Make a gift;
- Create or change rights of survivorship;
- Create or change a beneficiary designation;
- Delegate authority granted under the power of attorney;
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan.
Additionally, a power of attorney may grant the agent power to exercise authority over things like:[3]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operations of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes;
- Gifts.
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used.[5]
Revocation
(a) The principal dies;
(b) The principal becomes incapacitated, if the power of attorney is not durable;
(c) The principal revokes the power of attorney;
(d) The power of attorney provides that it terminates;
(e) The express purpose of the power of attorney is accomplished; or
(f) The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
An agent’s authority terminates when:
(a) The principal revokes the authority;
(b) The agent dies, becomes incapacitated, or resigns;
(c) An action is filed for the dissolution or annulment of the agent’s marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or
(d) The power of attorney terminates.
Statutory Form
Yes, the State of Colorado has a statutory form.[7]