A Colorado general power of attorney allows an individual (the principal) to authorize another person (the agent) to carry out decisions and actions concerning the principal’s finances and property. With an executed general power of attorney, the agent can represent the principal in all their financial, personal, or legal activities without any need for the principal to be present.
To have the agent’s authority terminate upon the principal’s incapacitation (i.e., non-durable power of attorney), the principal must state their intent in the Special Instructions on page three (3) of the document. The powers granted through the form do not extend beyond financial responsibilities, and they do not authorize the agent to make health care-related decisions for the principal. The completed form is effective immediately once signed and notarized on page four (4).
Durable Power of Attorney – This form is used by a principal to appoint a representative in financial transactions, and the selected agent can continue to perform beyond the principal’s incapacitation.