Colorado General (Financial) Power of Attorney

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A Colorado general power of attorney (GPOA) allows a person to designate an agent to be your agent who can make financial decisions when the principal is not available. Such decisions can be any monetary-related activity legal under state law. If the principal should become incapacitated, a GPOA will automatically terminate and be revoked.

It differs from a durable power of attorney as the agent is able to remain in their position if the principal should become incapacitated.

Laws

How to Write

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1 – Record The Requested Information

The first paragraph will contain the required wording necessary for the proper granting of power from a Principal to an Agent or Attorney-in-Fact. While this language must apply to all situations, the individual components (parties/subjects) must be recorded on this form in the appropriate areas.

First, enter the Full Name of the individual granting authority to another party (Principal) on the blank line just below the title (“Colorado General Power Of Attorney”).

Next, fill in the Principal’s Name on the first blank line in the main paragraph.

This should be followed by the Address of the Principal on the second blank line in this statement.

Then enter the Principal’s State on the third blank line.

Now, enter the Attorney-in-Fact’s Full Name on the fourth blank space.

The Attorney-in-Fact’s Address must be presented on the fifth blank line in this statement.

Finally, report the Attorney-in-Fact’s State on the last blank space in this statement.

2 – Granting Different Types of Principal Power

If the Principal wishes to grant the Authority to “Make Payments or Collect Monies Owed,” he or she must initial Item 1.

The Principal may give Authority to “Acquire, Lease and Sell Personal Property” to the Attorney-in-Fact by initialing Item 2.

If the Attorney-in-Fact is expected to “Acquire, Lease and Sell Real Property” with Principal Power on behalf of the Principal, then Item 3 will require the Principal to initial the blank space.

The Principal may grant “Management Powers” to the Attorney-in-Fact by initialing Item 4.

If the Principal wishes to grant “Banking Powers” to the Attorney-in-Fact or Agent, then he or she must initial Item 5.

The Principal may give the Authority to the Agent in terms of Motor Vehicles (and the paperwork involved) by initialing Item 6.

The Attorney-in-Fact may attain “Tax Powers” in the Principal’s Tax affairs when the Principal initials Item 7.

The Principal may grant power over his or her Safe-Deposit Boxes to the Attorney-in-Fact by initialing the Eighth Item.

The Attorney-in-Fact may assume “Gift Making Powers” when the Principal Initials Item 9.

The Principal may give authority to the Attorney-in-Fact when it comes to “Lending and Borrowing” by initialing Item 10.

If the Attorney-in-Fact must be given Principal Authority regarding the Principal’s Contracts, the Principal will need to initial Item 11.

The Attorney-in-Fact may assume Health Care Powers on behalf of the Principal if the Principal provides his or her initials in Item 12.

If the Principal wishes to name the Attorney-in-Fact, listed in this document, as his or her personal representative as per the Health Insurance Portability and Accountability Act of 1996, then he or she must initial Item 13.

The Principal may grant the Attorney-in-Fact the Authority to “Hire and Pay for Services” on behalf of the Principal by initialing Item 14.

The Attorney-in-Fact may gain reimbursement for actions taken while assuming Principal Authority if the Principal Initials Item 15.

The Principal may grant the Attorney-in-Fact the “Power to Sue Third Parties Who Fail to Act Pursuant to Power of Attorney” by initialing Item 16.

The Principal may need or prefer the Attorney-in-Fact to have additional powers or limited access to the powers being granted here. If so, then he or she must initial Item 17 then record the terms, conditions, circumstances, limitations, restrictions, etc. the principal may wish to include and apply to this document.

3 – The Effective Start And Termination Date of Authority

Now that both the Parties and the Authority involved have been recorded it will be time to identify the Start Date and the Termination Date defining when Principal Authority may be used by the Attorney-in-Fact. Locate Section III “Effective Date and Termination” then being by reporting the Start Date of this document’s Effective Period.

If the Authority in this document shall begin upon the Signature Date, the Principal must initial the first blank space.

If the Authority in this document begins on a specific day, the Principal must initial the second statement, then enter the exact Date of Effect across the two spaces provided.

Next, choose one of the three statements following the phrase “…termination is effective” to indicate when the power granted to the Attorney-in-Fact will terminate or expire.

If the Authority of the Attorney-in-Fact will automatically terminate on a predetermined Date, the Principal must initial the first statement then enter the Date of Termination in the spaces provided.

If the Principal wishes this document’s effectiveness to continue until he or she Revokes it, the Principal will need to initial the third statement.

4 – The Signature Party

The Principal must enter the Date this document is being signed by entering the Calendar Date, Month, and Year on the three blank lines in the last statement.

The Principal will need to Sign and Print his or her Name on the last two line.

The next area will require the Name of the Agent to be supplied in the “Acceptance of Appointment” section, then Sign and Print his or her name.

The last item on this page is where the Notary Public will notarize this signing. Only the Notary may attend to the items required in this area.