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Denver Lawyer Clark Daniel Dray

Power of Attorney (Estate Planning)

Power of Attorney Lawyer in Broomfield, CO

 

You should create power of attorney plans while you can still make decisions. Have a medical agent who can approve medical treatment. Appoint a financial agent who can take care of paying bills and managing your banking. You can better understand the considerations with the help of a knowledgeable power of attorney lawyer in Colorado.

We recognize that no two families’ circumstances are the same. When you call The Law Office of Clark Daniel Dray, you can expect personalized legal advice tailored to your case. We work closely with you to determine the most effective approach to achieving your objectives. Our trusted POA lawyer at Broomfield county helps people feel at ease knowing you have a plan for the future. Schedule an assessment with our law firm right away.

 

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Why do I need a POA lawyer in Colorado?

Adults should be competent enough to handle their affairs. Unfortunately, sickness and accidents can prevent anyone from doing so. Using powers of attorney, you can choose who will serve as your backup decision-maker, giving that person the authority to act on your behalf when necessary. One approach to be ready for an unexpected tragedy or when you know you’ll have to be away for some time is to select a power of attorney lawyer and make a plan.

The Law Office of Clark Daniel Dray knows how crucial it is to formulate a strategy in which you are confident. Rest easy when you let our trustworthy POA attorney in Broomfield, Boulder, Denver, Littleton, and Louisville, set up your power of attorney for you. Contact us now to get started!
 

What is the Power of Attorney?

When a person loses capacity due to an injury, or the gradual onset of an illness like dementia or Alzheimer’s, power of attorney is granted to the designated agent who will take over decision-making.
 
A power of attorney is a legal document that names someone as your attorney-in-fact or agent to carry out general or particular tasks on your behalf. A power of attorney typically enters into play either when you become incapacitated in some way or when you are unable to act on your behalf for a specific reason. Attorney-in-fact does not necessarily have to be an actual lawyer, but rather an agent acting by a power of attorney who represents you in legal matters.


What are the types of Power of Attorney?

Powers of attorney can address various circumstances. You can make a durable POA that will let someone take care of your financial or health affairs if you ever become incapacitated, or you can make a POA for a single transaction (for instance, allowing your brother to sell your car while you’re away).


Durable Power of Attorney

A durable POA goes into effect even if you become incapacitated. It’s a way to be ready for all possibilities, however difficult they may be to imagine. Most estate plans contain two distinct durable POAs, which are covered in detail below.


For Finances


A financial power of attorney provides your agent the power to manage your finances if you are no longer able to. For instance, your agent may use a financial POA to manage your retirement account, submit your taxes, and deposit Social Security checks on your behalf.


For Health Care


An agent may handle your medical care with the help of a health care or medical power of attorney. There are several names for this text. It may also be referred to as a “health care directive,” “health care proxy,” “advance directive,” or another similar word in some states.

Whether you want someone to handle your financial affairs or healthcare decisions, it’s best to ask an attorney. Call our esteemed law firm today to talk to someone who knows about POA.


Non-Durable (Limited or Special) Power of Attorney

A non-durable POA, on the other hand, expires when you become incapacitated. This kind of POA is typically short-term, utilized for a single job or a set amount of time. A non-durable POA, which effectively has an expiration date, could be used, for instance, if you need your friend to manage your financial concerns (such as insurance paperwork and bank transactions) while recovering from surgery.


Springing Power of Attorney

A power of attorney that “springs” into action only after a triggering event is known as a springing POA. Some people choose to utilize a springing durable financial POA that takes effect only after they have been found incapable by a third party. These people are often uneasy with the concept of giving up power.
A springing POA may appear appealing, but it may have logistical problems. Generally speaking, using a durable financial POA that names an agent you absolutely trust and specifies that it should only be used in the event of incapacitation is the wiser course of action.
 

Which Documents Are Required for a POA?

A power of attorney requires the following:
 
  • Information about how to reach the designated agent
  • Names and DOB of the minor or ill adult listed in the POA
  • Dates of POA activation, or you can choose to make it active if the parents or adult become incapacitated
  • Contact details for additional guardians to contact the parents while they are gone
There are two different ways to activate a power of attorney. The other is a “standing” activation, which becomes effective once the person who created it signs it. One is referred to as a “springing” activation, which becomes effective once an individual is deemed incapable of making judgments, such as when they become unconscious.

Get in touch with our experienced Colorado POA lawyer at the Law Office of Clark Daniel Dray to help you prepare for power of attorney.


Why Would I Need Power of Attorney?

In various situations, a power of attorney is required if you won’t be available or unable to make crucial choices on your own. This may be a medical or financial decision. The most frequent scenario is when someone unexpectedly loses the ability to look after their physical or mental needs. For example, a POA can be helpful when a person is sent abroad as part of military service.

When families are abandoned, someone must be able to act on their behalf if they ever become incapable. A POA may also be established if the person will be traveling extensively and needs someone to manage their affairs while they are away from home.


How Can I Make a Power of Attorney?

The great news is that state-specific POA forms can easily be obtained from the state government or specialized software, meaning you can make one on your own. Still, it’s best to have someone knowledgeable to handle it. If you overlook something, it can spell trouble in the long run.

A power of attorney requires you to designate an agent (and alternate agent, if you have one). Then, you’ll check or put an initial next to each of the specific powers you want to grant your agent. As just a few instances of these powers for a financial POA:
 
  • Filing taxes and making a payment
  • Obtaining benefits from government programs like Medicare, Social Security, or other
  • Dealing with bank and other financial institution transactions
  • Taking charge of your retirement funds
  • Buy, sell, or lease real estate on your behalf.
 
For health care power of attorney, these powers involve making healthcare decisions. Here are a few examples:
  • Withdrawing life-extending measures when you are about to die
  • Approving the donation of organs, tissues, or bodies
  • Approving the handling of your remains

Signatures, Notarization, and Witnessing

You must sign your POA to be effective (in some states, the agent must sign the document). You’ll also need to perform one of the following:
 
  • At the front of a notary public, sign the POA.
  • In the presence of two witnesses, sign the POA.
  • In front of both a notary public and two witnesses, sign the POA.
 

Putting Copies of POA on File

When you’re finished, place the power of attorney document in a safe location where your loved ones may view it and give a copy to your agent. You should submit a copy of your financial POA with the land records office of Colorado, where your real estate is located if it grants your agent the authority to buy or sell real estate. The doctors or healthcare facilities best likely to treat you should receive a copy of your healthcare POA if you have one.


When Are the Start and End of a Power of Attorney?

The most typical POAs created as part of an estate plan are durable financial powers of attorney, which typically take effect once you sign them and have them witnessed or notarized. Of course, you can direct your agent not to exercise the POA until you become incapable. Conversely, health care POAs often take effect upon your incapacitation.

It is no longer in effect if you renounce the POA or pass away. A few other situations could render your POA ineffective. For instance, in some states, any designation of your former spouse as your agent is automatically revoked if you are divorced.


Can You Assist a Loved One in Creating a POA?

You can encourage or assist your family members in drafting their own POAs; many people find themselves assisting their aging parents with these legal instruments. It enables someone to make sound financial and medical decisions for them when they can no longer do it themselves. Keep in mind that the person you’re supporting must be able to comprehend in general terms what POA is and what it does.


In Colorado, who may be designated as an agent or attorney-in-fact?

Legally, you can appoint any capable adult to act as your agent. However, it would help if you also considered some practical factors, such as the person’s credibility and location.

Colorado permits you to appoint concurrently acting co-agents. However, it’s normally best to use only one agent to reduce conflicts. It’s always a good idea to choose a “successor” agent-an alternative who will represent you if your initial pick isn’t accessible for any reason-as it provides a safety net.


Call our Power of Attorney Lawyer Now!

A power of attorney document must be written and notarized to be effective, much like other estate planning instruments. You should seek a lawyer’s expertise if you need help drafting a power of attorney. Any power of attorney must be correctly executed per specified conditions. It is best to deal with a skilled Colorado estate planning lawyer for the best protection, legal assistance, and legal services.

Call the Law Office of Clark Daniel Dray to schedule a consultation with a trusted estate planning attorney specializing in powers of attorney in Colorado. We serve clients in some areas of Colorado, especially those in Broomfield, Boulder, Denver, Littleton, and Louisville.
 
Denver Lawyer Clark Daniel Dray

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