The Colorado statutory durable power of attorney allows an individual to appoint someone to manage their finances and take care of any other affairs concerning their estate, business(es), or other assets. The appointed individual (agent) is usually selected based on trustworthiness; that is, the principal often chooses a friend, relative, or close business partner to become their attorney-in-fact. The principal can choose to give their agent full control over their finances or they can select specific matters they wish for them to look after. Even if the principal becomes incapacitated, the durable power of attorney remains valid and enforceable.
Agent’s Duties – § 15-14-714
Signing Requirements (§ 15-14-705) – Notary Public
Statutory Form – § 15-14-741
Statute – § 15-14-702(2)
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.