{"id":94,"date":"2022-08-08T17:25:26","date_gmt":"2022-08-08T23:25:26","guid":{"rendered":"http:\/\/www.dray.theaffordablewebguy.com\/?page_id=94"},"modified":"2022-08-16T05:59:39","modified_gmt":"2022-08-16T11:59:39","slug":"financial-power-of-attorney","status":"publish","type":"page","link":"https:\/\/debtfreecolorado.com\/estate-planning\/financial-power-of-attorney\/","title":{"rendered":"Financial Power of Attorney"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"94\" class=\"elementor elementor-94\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3112ebaa elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3112ebaa\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20980036\" data-id=\"20980036\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-937fb4e elementor-widget elementor-widget-heading\" data-id=\"937fb4e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Financial Power of Attorney Lawyer Serving Broomfield, Colorado\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7edb945d elementor-widget elementor-widget-text-editor\" data-id=\"7edb945d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span style=\"font-weight: 400;\">Who will act on your behalf if you are unable to do business owing to mental or physical impairment, such as Alzheimer&#8217;s, a stroke, or another medical condition? At the Law Office of Clark Daniel Dray, we will assist you in establishing a Durable Financial POA (Power of Attorney) to safeguard your best interests and finances.<\/span><\/p><p><span style=\"font-weight: 400;\">Without a Durable Financial POA, the court steps in, and in Colorado, your loved ones will have to seek a conservatorship in which one of them is appointed to make financial decisions on your behalf. Once the court becomes engaged, though, it will often remain involved until you recover or pass away. Instead of your family, the court will choose how your assets are utilized for your care.<\/span><\/p><p><span style=\"font-weight: 400;\">A Durable Financial POA permits you to appoint someone to manage your finances in the event of incapacity. Numerous financial institutions will not recognize a non-durable Financial Power of Attorney if it is not on their form. Even if your form is accepted, it may be necessary for our professional Broomfield financial power of attorney lawyer to intervene to compel the institution to accept it.<\/span><\/p><p><span style=\"font-weight: 400;\">With the assistance of Colorado financial power of attorney lawyer at the Law Office of Clark Daniel Dray and a Durable Financial POA, you will avoid your loved ones the expense and inconvenience of obtaining a conservatorship via the court system. You will have <\/span><a href=\"https:\/\/debtfreecolorado.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the security that someone you trust<\/span><\/a><span style=\"font-weight: 400;\"> is working on your behalf.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3884030 elementor-widget elementor-widget-heading\" data-id=\"3884030\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why Do You Need a Financial Power of Attorney Lawyer in Colorado?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-915c4e1 elementor-widget elementor-widget-text-editor\" data-id=\"915c4e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">When it comes to estate planning, several different things need to be taken into consideration. One important decision that needs to be made is whether or not to hire a financial power of attorney lawyer. Here are some of the benefits of hiring our skilled financial power of attorney lawyer for legal advice.<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to create a comprehensive estate plan.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to understand the various options available to you when it comes to estate planning.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to choose the right options for your unique situation.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to avoid making common estate planning mistakes.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to ensure that your wishes are carried out.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to protect your assets from potential creditors.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to plan for your family\u2019s future.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to deal with the probate process.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">We can help you to resolve any disputes that may arise after your death.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c71d5fe elementor-widget elementor-widget-heading\" data-id=\"c71d5fe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The Power of Attorney Laws in Colorado\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-584835c elementor-widget elementor-widget-text-editor\" data-id=\"584835c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">You can create a power of attorney if you want someone to be authorized to deposit your checks at your bank, pay your taxes, or even sell or mortgage your property. A POA is a basic agreement that confers certain powers to someone you trust \u2014 called an &#8220;agent&#8221; in Colorado (and an &#8220;attorney-in-fact&#8221; in some states) \u2014 to act on your behalf in a variety of situations.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7fff019 elementor-widget elementor-widget-heading\" data-id=\"7fff019\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What is the Financial Power of Attorney in Colorado?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0dfc24 elementor-widget elementor-widget-text-editor\" data-id=\"e0dfc24\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignright wp-image-6507\" title=\"financial power of attorney lawyer\" src=\"https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-300x200.webp\" alt=\"financial power of attorney lawyer\" width=\"450\" height=\"299\" srcset=\"https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-300x200.webp 300w, https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-1024x681.webp 1024w, https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-768x511.webp 768w, https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-1536x1022.webp 1536w, https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-2048x1363.webp 2048w, https:\/\/debtfreecolorado.com\/wp-content\/uploads\/2022\/08\/financial-power-of-attorney-lawyer-1200x798.webp 1200w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/>A financial power of attorney in Colorado, also known as a general power of attorney, grants your agent the authority to make financial decisions on your behalf. The capacity to pay bills, cash checks, access your bank accounts, and make other financial decisions that you would ordinarily do regularly is included within the typical decisions.<\/span><\/p><p><span style=\"font-weight: 400;\">The scope of an agent&#8217;s abilities is restricted to those specified in a written document. A lawyer knowledgeable in power of attorney can assist you to determine what authority you should delegate to your agents and how this may affect you. In Colorado, unless a power of attorney specifies otherwise, it is durable. A durable power of attorney allows the agent to make decisions on your behalf even if you are unable to do so.<\/span><\/p><p><span style=\"font-weight: 400;\">If you become disabled, the agent you choose in advance can instantly assume control of your finances. The absence of a power of attorney may necessitate an expensive conservatorship or guardianship action, which may be avoided by having a valid power of attorney.<\/span><\/p><p><span style=\"font-weight: 400;\">Consult our <\/span><a href=\"https:\/\/debtfreecolorado.com\/estate-planning\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">skilled Broomfield financial power of attorney lawyer<\/span><\/a><span style=\"font-weight: 400;\"> before drafting your power of attorney. If you intend to add &#8220;hot powers,&#8221; which include disclaimers, altering beneficiary names, making donations needing special approval, and other powers, it is imperative that you understand the repercussions and how to give the power effectively.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11d660b elementor-widget elementor-widget-heading\" data-id=\"11d660b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are the Requirements of a Legal Financial POA in Colorado?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9ae496 elementor-widget elementor-widget-text-editor\" data-id=\"a9ae496\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">For your power of attorney to be legal in Colorado, it must adhere to specific requirements.<\/span><\/p><h3><span style=\"font-weight: 400;\">Psychological Capacity for Creating a Power of Attorney<\/span><\/h3><p><span style=\"font-weight: 400;\">The maker of a power of attorney must be mentally competent. Although the exact limits of this mental capacity requirement are susceptible to interpretation by Colorado courts, and there are few cases on the issue, a person executing a POA must have &#8220;contractual capacity&#8221; \u2013 the ability to enter into contracts and conduct business. Consult our skilled financial power of attorney lawyer if you are assisting someone creating a POA and you are unsure if they have the requisite mental capacity.<\/span><\/p><h3><span style=\"font-weight: 400;\">Notarization Requisite<\/span><\/h3><p><span style=\"font-weight: 400;\">While Colorado technically does not need you to get your power of attorney notarized, it is strongly advised. Under Colorado law, when you sign your POA in the presence of a notary public, your signature is believed to be authentic, thus strengthening the validity of your POA. In addition, many financial institutions will not accept a POA unless it has been notarized, even if state law does not demand it.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b83411 elementor-widget elementor-widget-heading\" data-id=\"7b83411\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are the Steps for Making a Financial Power of Attorney in Colorado?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8802fec elementor-widget elementor-widget-text-editor\" data-id=\"8802fec\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3><span style=\"font-weight: 400;\">Draft the POA With the Use of a Statutory Form, Software, or Attorney<\/span><\/h3><p><span style=\"font-weight: 400;\">You can create a POA in Colorado by filling out a blank statutory form (a document drafted by the state legislature). For a more user-friendly process, you may utilize software that leads you through a series of questions to generate a POA that is legal in your state and matches your individual needs.<\/span><\/p><p><span style=\"font-weight: 400;\">You may also retain our Broomfield financial power of attorney lawyer to draft your POA. In addition to a will or living trust, we will incorporate durable POAs in a comprehensive estate plan.<\/span><\/p><h3><span style=\"font-weight: 400;\">Sign the Power of Attorney in Front of a Notary Public<\/span><\/h3><p><span style=\"font-weight: 400;\">As indicated previously, the POA must be notarized in Colorado.<\/span><\/p><h3><span style=\"font-weight: 400;\">Keep the Original POA in a Safe Location<\/span><\/h3><p><span style=\"font-weight: 400;\">Once you have finished the POA, place the original in a secure location that is easily accessible to your loved ones and inform them of its location. It won&#8217;t be useful if it&#8217;s locked up in an inaccessible safe. If you become disabled, your agent may require the original power of attorney to operate on your behalf.<\/span><\/p><h3><span style=\"font-weight: 400;\">Provide Your Agent or Attorney-in-Fact With a Copy<\/span><\/h3><p><span style=\"font-weight: 400;\">You should also provide your agent with a copy of the power of attorney so that your agent is familiar with its terms.<\/span><\/p><h3><span style=\"font-weight: 400;\">Submit a Copy to the Recording Office<\/span><\/h3><p><span style=\"font-weight: 400;\">If you initiated &#8220;real property&#8221; and granted your agent the authority to conduct real estate transactions, you need additionally file a copy of your POA at the land records office (called the clerk and recorder&#8217;s office in Colorado) in the county where you own real estate. This will allow the clerk and recorder&#8217;s office to acknowledge your agent&#8217;s authority should he or she ever need to sell, mortgage, or transfer property on your behalf.<\/span><\/p><h3><span style=\"font-weight: 400;\">Consider Providing Financial Institutions With a Copy<\/span><\/h3><p><span style=\"font-weight: 400;\">You may also provide copies of your durable financial POA to banks and other entities with which your agent may interact in the future. If your agent needs to use the POA in the future, this step may alleviate some difficulties. Sometimes, banks might be picky about accepting POAs.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-214c8ae elementor-widget elementor-widget-heading\" data-id=\"214c8ae\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Who Can Be Appointed in Colorado as an Agent or Attorney-in-Fact?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30d22b7 elementor-widget elementor-widget-text-editor\" data-id=\"30d22b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Legally, you may choose any mature adult to serve as your agent. However, you must take into account some practical issues, such as the individual&#8217;s reliability and location.<\/span><\/p><p><span style=\"font-weight: 400;\">Colorado permits you to appoint co-agents who are permitted to act simultaneously, although it is often prudent to appoint only one agent to avoid conflicts. However, it is usually a good idea to choose a &#8220;successor&#8221; agent, a substitute who will become your agent if your initial choice is unavailable for whatever reason.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a07a298 elementor-widget elementor-widget-heading\" data-id=\"a07a298\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Constitutes a Successor Agent?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8a077ee elementor-widget elementor-widget-text-editor\" data-id=\"8a077ee\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A successor agent is an individual designated to act as your agent if your initial choice cannot due to death, disability, resignation, or refusal to assume the position of agent, i.e. the backup. If a specified agent is unable or unwilling to serve as an agent, the agency is revoked and the next person in line, unless the document specifies otherwise, becomes the agent.<\/span><\/p><p><span style=\"font-weight: 400;\">No one may assume the role of an agent under a power of attorney unless the principal specifies a successor agent (or agents) in the instrument, or unless the principle permits the agent to select a successor agent. If neither is feasible and the principal has grown incompetent, it may be necessary to petition the court to appoint a guardian and\/or conservator.<\/span><\/p><p><span style=\"font-weight: 400;\">Consequently, it is generally advisable to include at least one successor agent in your power of attorney.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bc251d9 elementor-widget elementor-widget-heading\" data-id=\"bc251d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Happens When a Principal Appoints Several Agents?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-424ce7b elementor-widget elementor-widget-text-editor\" data-id=\"424ce7b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A principal may designate many agents, however, this is normally not advised. The presence of several agents as decision-makers might lead to a situation in which the agents disagree on a certain course of action. When the agents disagree, a court may be required to decide the conflict. It is often preferable to nominate a single individual as the sole decision maker or to provide a method for breaking ties in the agreement.<\/span><\/p><p><span style=\"font-weight: 400;\">Nevertheless, if numerous agents are designated, the principal can either let them work independently or force them to act in concert, depending on the language of a power of attorney. Multiple agents should interact often to ensure that their activities are consistent in either scenario.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-78fff27 elementor-widget elementor-widget-heading\" data-id=\"78fff27\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Separates an Agent From an Executor?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76e20fa elementor-widget elementor-widget-text-editor\" data-id=\"76e20fa\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">An agent is the one designated under your Durable Financial Power of Attorney (DFPOA) to manage your finances and make medical decisions. The executor of your will is the individual you select to administer your estate&#8217;s affairs, including the distribution of your assets after your death. Your agent&#8217;s advance directive under your DFPOA terminates upon your demise.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">In contrast, your executor&#8217;s responsibility begins after your death. The agent and executor might be the same individual. Simply ensure that you have completed the appropriate legal documents for each meeting.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffc18eb elementor-widget elementor-widget-heading\" data-id=\"ffc18eb\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Does a Power of Attorney Require a Notarization or Witness?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-871449e elementor-widget elementor-widget-text-editor\" data-id=\"871449e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The law of Colorado does not mandate that a power of attorney be witnessed or notarized.<\/span><\/p><p><span style=\"font-weight: 400;\">&#8220;A power of attorney must be signed by the principal or in the principal&#8217;s conscious presence by another person authorized by the principal to sign the principal&#8217;s name. If the principal recognizes the signature before a notary public or other official allowed by law to take acknowledgments, the signature on a power of attorney is deemed to be authentic.&#8221;<\/span><\/p><p><span style=\"font-weight: 400;\">Despite the legislation, it is recommended that the document be signed, notarized, and witnessed by two individuals. Why? If the power of attorney is notarized, the signature is presumptively authentic.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-da39dfa elementor-widget elementor-widget-heading\" data-id=\"da39dfa\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Why Is It Advisable to Get a Power of Attorney Witnessed and Notarized?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61d8dbc elementor-widget elementor-widget-text-editor\" data-id=\"61d8dbc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">There are several situations in which having a power of attorney is advantageous. For instance, if a power of attorney is to be utilized during a real estate transaction, verifying the authenticity of the POA will be beneficial, as notarization is necessary if the agent records the transaction.<\/span><\/p><p><span style=\"font-weight: 400;\">Additionally, state rules on powers of attorney vary. In some places, a power of attorney must be seen before it may be used. If you anticipate executing a power of attorney out of state, it is prudent to have it signed, notarized, and witnessed in advance.<\/span><\/p><p><span style=\"font-weight: 400;\">Lastly, many financial institutions are hesitant to accept non-notarized powers of attorney, and there is no punishment if the bank rejects the POA. If you anticipate that your agent will perform financial transactions on your behalf, you should consider notarizing the document.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d4dd4f5 elementor-widget elementor-widget-heading\" data-id=\"d4dd4f5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When Will Your Durable Financial Power of Attorney Take Effect?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2074f16 elementor-widget elementor-widget-text-editor\" data-id=\"2074f16\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">A durable financial power of attorney (DFPOA) goes into place as soon as you become incompetent. This might be the case if you:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Are you under general anesthesia<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Stroke or another sickness that renders you unable to communicate<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An accident that leaves you in a coma or state of unconsciousness<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Alzheimer&#8217;s disease or any kind of dementia that impairs your capacity to make logical choices<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-693b180 elementor-widget elementor-widget-heading\" data-id=\"693b180\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are the Benefits of Having a Durable Financial Power of Attorney?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e4df96e elementor-widget elementor-widget-text-editor\" data-id=\"e4df96e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As with other estate planning documents, it is generally advisable to have a power of attorney in place before needing it. If you become too ill or disabled to manage your personal affairs, your loved ones may need to make some choices on your behalf.<\/span><\/p><p><span style=\"font-weight: 400;\">If you do not have a DFPOA, the court will appoint an administrator, which may be costly and time-consuming. And the person appointed by the court may differ from the person you would have picked had you executed a financial POA. By selecting a trustworthy individual to serve as your financial agent before you need one, you can guarantee that your funds and property are managed following your intentions.<\/span><\/p><p><span style=\"font-weight: 400;\">After being diagnosed with a degenerative condition, you may also elect to construct a POA to address concerns. Eventually, Alzheimer&#8217;s, cancer, ALS, and Huntington&#8217;s disease will likely make it difficult for you to manage your personal affairs. You may choose to acquire a financial power of attorney while you are still in good health following a diagnosis.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3194d7e elementor-widget elementor-widget-heading\" data-id=\"3194d7e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Powers You Can Grant to Your Agent in a DFPOA?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a2d388b elementor-widget elementor-widget-text-editor\" data-id=\"a2d388b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Most people utilize their DFPOA to give their agents a wide financial and property management authority. Ultimately, you decide how much control your agent has over your personal affairs. Among other things, you can authorize your agent to:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utilize your assets to cover your family&#8217;s daily costs<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay your medical expenses<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make deposits or withdrawals at the bank<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax preparation and filing on your behalf<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your business(es) operating<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage your real estate holdings (including your residence)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Employ legal counsel to represent you in court<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Invest in the equity and bond markets<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review your insurance coverage and retirement savings<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5790b21 elementor-widget elementor-widget-heading\" data-id=\"5790b21\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What Are the Limitations on the Way Your Agent Can Use the Powers You\u2019ve Granted Them?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3ba7d2f elementor-widget elementor-widget-text-editor\" data-id=\"3ba7d2f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Your agent is bound by law to represent your best interests. Among other requirements, your DFPOA agent must:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Manage your property and finances with integrity and decency.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Avoid situations where their personal interests and yours might conflict.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintain a record of the transactions they conduct on your behalf.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Despite these regulations and obligations, your agent will have considerable influence over many aspects of your life. When selecting an agent, it is essential to find someone you can trust to operate in your best interests.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-57788a2 elementor-widget elementor-widget-heading\" data-id=\"57788a2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What If Your Appointed DFPOA Agent Wants to Resign?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-209c494 elementor-widget elementor-widget-text-editor\" data-id=\"209c494\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">According to the terms and conditions of a power of attorney, an agent may resign. The agent may quit by telling the principal of their decision. Nonetheless, if the principal is incapable, the agent may quit by providing notification to the guardian or conservator, if one has been appointed, as well as to a co-agent or successor agent if one exists.<\/span><\/p><p><span style=\"font-weight: 400;\">Suppose the principal is incapacitated and there is no guardian, conservator, co-agent, or successor agent. In that case, the agent may resign by giving notice to the principal&#8217;s caregiver, another person the agent believes has a sufficient interest in the principal&#8217;s welfare or a government agency with authority to protect the principal.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aeeba9b elementor-widget elementor-widget-heading\" data-id=\"aeeba9b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">When Will Your Financial Power of Attorney Expire?\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22c5a39 elementor-widget elementor-widget-text-editor\" data-id=\"22c5a39\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Any power of attorney terminates upon your death. A durable POA expires also if:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You cancel it. As long as you have the mental capacity to do so, you may withdraw your document at any moment.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">No agent is accessible. You can identify a successor (alternative) agent in your document to lessen the risk of this happening.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A court nullifies your document. Rarely, a court may rule your document illegal if it determines you lacked mental capacity at the time you signed it, or if you were the victim of fraud or undue influence.<\/span><\/li><\/ul><p><span style=\"font-weight: 400;\">Additionally, in Colorado, if your spouse is identified as your agent in your POA and you file for divorce, that designation terminates automatically. To clarify, your ex-spouse&#8217;s capacity to serve as your agent expires, but your power of attorney remains in effect. Therefore, if you selected a successor agent, that individual would serve as your agent.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-650f54b elementor-widget elementor-widget-heading\" data-id=\"650f54b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Trusted Power of Attorney Lawyer in Broomfield, Colorado\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1da54b elementor-widget elementor-widget-text-editor\" data-id=\"d1da54b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Powers of attorney are <\/span><a href=\"https:\/\/debtfreecolorado.com\/estate-planning\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">essential estate planning instruments<\/span><\/a><span style=\"font-weight: 400;\">. During tough circumstances, they assist both the principal and their loved ones to avoid undue stress. These papers may be used to make decisions on things not stated in the living will or living trust.<\/span><\/p><p><span style=\"font-weight: 400;\">Consult our experienced Broomfield financial power of attorney lawyer about Colorado powers of attorney. Since we at the Law Office of Clark Daniel Dray handle both estate planning and family law, we have the unique ability to personalize your plans to your preferences.<\/span><\/p><p><span style=\"font-weight: 400;\">Whether you are thinking of creating powers of attorney, establishing living trusts and wills, or doing other estate planning duties, we can guarantee that all of your documents are precisely stated and that all processes are expedited.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Financial Power of Attorney Lawyer Serving Broomfield, Colorado Who will act on your behalf if you are unable to do business owing to mental or physical impairment, such as Alzheimer&#8217;s, a stroke, or another medical condition? At the Law Office of Clark Daniel Dray, we will assist you in establishing a Durable Financial POA (Power [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6508,"parent":4112,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"_links":{"self":[{"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/pages\/94"}],"collection":[{"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/comments?post=94"}],"version-history":[{"count":5,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/pages\/94\/revisions"}],"predecessor-version":[{"id":6515,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/pages\/94\/revisions\/6515"}],"up":[{"embeddable":true,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/pages\/4112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/media\/6508"}],"wp:attachment":[{"href":"https:\/\/debtfreecolorado.com\/wp-json\/wp\/v2\/media?parent=94"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}