Protect Yourself With a Financial Power of Attorney
FindLaw has partnered with experienced attorneys to create financial power of attorney forms you can complete quickly and easily from the comfort of home. Just follow along with our easy step-by-step process to create a financial power of attorney that is customized to Colorado’s laws and your unique situation.
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Do I Really Need a Financial Power of Attorney in Colorado?
If you do not have a financial power of attorney and become incapacitated, a court likely will intervene and appoint a conservator to manage your finances for you. The court process can be expensive and stressful for your loved ones, and the court might appoint someone you do not want to make decisions for you. It will also take time for your loved ones to be able to access your money, which they may need sooner rather than later.
Colorado law does not require anyone to make a financial power of attorney, but having one can make difficult situations easier for you and your family. A power of attorney is your chance to say who you want to make financial decisions for you if you become incapacitated.
Colorado Financial Power of Attorney Options
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Financial Power of Attorney
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How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
Creating an account is easy, quick, and secure. Save your information as you go and return when you have time.
Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Print, Sign & Make It Legal
Print and sign your document following the instructions. This may include signing in front of witnesses or a notary.
How To Get a Colorado Power of Attorney
If you want a financial power of attorney, in Colorado, you can ask an attorney to create one, but you also can make your own by using FindLaw’s easy process.
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Understand How a Financial POA Works in Colorado
A financial power of attorney is a legal document that gives one person (the agent or attorney-in-fact) the legal authority to act and make decisions for the person who created the power of attorney (the principal).
Colorado has two main types of powers of attorney: the financial power of attorney and the medical durable power of attorney. You can use a financial power of attorney to give your agent authority to handle your finances, property, and personal affairs. If you want an agent to make medical decisions for you, you need a medical durable power of attorney.
Select your agents
When choosing your agents, the first question you should ask is whether you trust them. If you do not trust someone to take care of you, your money, and your property, do not select them as your agent.
Your agent for your financial power of attorney should be good with money and able to understand legal and financial documents. They also should feel comfortable speaking with legal and financial professionals.
When you are selecting agents for your powers of attorney, you also should select one or more successor agents. A successor agent will take over as agent if your original agent is unable to serve.
Decide how much authority to give your agents
You can give your agents broad or limited authority to act for you. When planning for incapacity, you should make sure you do not limit your agents’ authority too much.
Broader powers will give them more flexibility to act if an unforeseen situation arises. You want your agent under your financial power of attorney to have enough power to handle your personal affairs, including paying your housing and health care expenses.
You also can create more than one financial power of attorney. You can have limited powers of attorney for specific acts or types of transactions, but you still should have a broader power of attorney that remains effective when you are incapacitated.
Use a form that complies with Colorado law
Sign your form with a notary or witnesses
Colorado law does not require witnesses for financial powers of attorney, but you should consider having witnesses or a notary public sign your power of attorney to let others know your signature is authentic.
You must sign and date your financial power of attorney or direct an adult in your presence to sign for you if you are unable to sign. A financial power of attorney should be notarized by a notary public. Colorado law makes it difficult for people and businesses to reject your agent’s authority if your power of attorney is notarized.
Deliver your completed financial power of attorney to necessary people
You should give your signed financial power of attorney to your agent. It can be also helpful to give copies of your financial power of attorney to your bank and any other people or businesses you want your agent to deal with.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
Ready to get started on your financial power of attorney? It’s free to start.Create My Form
Colorado Financial Power of Attorney FAQ
Colorado has several types of financial powers of attorney. The following are the ones you should know:
Durable power of attorney
If you want your agent to be able to act when you cannot make your own decisions, you need a durable power of attorney. A durable power of attorney remains effective when the principal is incapacitated. Your power of attorney will be durable unless you include language that it is terminated by your incapacity.
Nondurable power of attorney
A nondurable power of attorney will terminate if you become incapacitated. Under Colorado’s Uniform Power of Attorney Act, incapacity means someone who cannot make decisions, is missing, in jail or prison, or outside the United States and unable to return.
A nondurable power of attorney can be useful when you give an agent limited powers and do not want them to act for you when you cannot supervise them. If you want a nondurable power of attorney, your power of attorney must state that it is terminated by your incapacity.
Springing power of attorney
In Colorado, a power of attorney is effective when it is signed. However, you can create a power of attorney that is effective later. A springing power of attorney becomes effective at a future date or when a future event occurs.
Some people use their incapacity as the future event, but some attorneys caution against this. Determining incapacity can take time, and your agent will not be able to act until a physician or court determines you are incapacitated.
Limited power of attorney
A limited power of attorney gives an agent limited authority to act on your behalf. Common examples include a financial advisor’s authority to manage investments or an accountant’s authority to file taxes for you. You also can create a limited power of attorney for a variety of transactions, such as allowing someone to sell real estate for you.
Colorado law does not require you to use a lawyer to make a power of attorney. If you are comfortable filling out forms and know what kind of power of attorney you want, you can make your own by using the forms we offer.
FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney. If you have questions or concerns about making a power of attorney, you can ask for legal advice from an attorney licensed in Colorado. An attorney can review your form after you complete it, or they can create a power of attorney for you.
You can revoke a financial power of attorney by giving your agent a written notice that you have terminated it. You might want to consider having it notarized and giving copies to your bank and any person or business your agent dealt with.
If your power of attorney is notarized, a person or business can reject your agent’s authority only if they have a valid reason under Colorado law. Some valid reasons are:
- They would not be required to do business with you directly
- They do not offer the service your agent is requesting
- They know the power of attorney has been terminated
- Your agent’s request would violate a law
When your agent presents your power of attorney to a business or person, they can ask your agent to produce any of the following:
- A certification about any fact about you, your agent, or the power of attorney
- An English translation of the power of attorney if it is in another language
- A legal opinion from a lawyer about the power of attorney
If your agent fails to respond to a request for the above documents, the person or business can reject the power of attorney without penalty. If a person or business rejects a power of attorney without a valid reason, a court can order them to accept it and to pay attorney’s fees and costs.
If you want to help your elderly parents get a financial power of attorney, you can help them hire an attorney or use the steps above. If you help them fill out a form, you must make sure they understand what they are signing.
If they are unable to comprehend what a financial power of attorney is, then you should not let them sign it. If there is any question about their competency, you should speak with a lawyer licensed in Colorado. A lawyer can help you petition a court to appoint you or another family member as guardian and a conservator for a parent who lacks capacity.
Colorado lawyers charge a range of prices for powers of attorney. Many charge a flat fee per document, but others charge an hourly rate. Many estate planning attorneys offer an estate planning package that includes a financial power of attorney, medical power of attorney, a will, and other estate planning documents. We offer a similar package.
Using a form is a less expensive option. Make sure the form you use is made for Colorado like the forms we offer. If you complete a form, some attorneys may be willing to review your form for a reduced fee.
Disclaimer: FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney.
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