Denver Attorney for Setting Up Power of Attorney

Sometimes, situations arise that leave you unable to make important legal decisions. When they do in Denver, our attorney can help you set up a power of attorney.

A power of attorney is a legal document that will give your decision-making power over to another agent who you have authorized to act for you. These can be incredibly powerful agreements that dictate decisions over issues like end-of-life healthcare matters and financial transactions. Thus, you will want to work with an attorney who understands your needs and draft a document that reflects your wishes. Whether you need to make the power of attorney durable and made to last through your incapacity or be more limited in scope, our lawyer can help.

Call YouLaw Colorado today at (720) 815-4421 to receive a free case assessment with our lawyer for setting up power of attorney.

Types of Power of Attorney Our Lawyer Can Help You Set Up in Denver, CO

A “power of attorney” is a powerful legal instrument that can help in several situations. The Uniform Power of Attorney Act allows people to designate others to make important decisions for them regarding healthcare or finances in the event they are incapacitated.

Powers of attorney are typically used in estate planning and can be used to manage businesses, pay bills, and make end-of-life care decisions. Our attorney for setting up power of attorney can help you draft a document that reflects your long-term needs and circumstances. Our lawyer can help make a power of attorney durable or construct it so it comes into effect at a chosen time. The following are the types of power of attorney you can set up in Denver:

Financial Power of Attorney

With a power of attorney for financial matters, you can select an agent other than your spouse to manage your financial affairs. The scope of this power can be broad or limited, depending on what you want your agent to control. You might limit an agent to only managing investments or paying bills. However, you could decide to give full management responsibilities to your agent if that works better for you. Our attorney can help you choose an agent you know you can trust and draft a document that explicitly states your wishes.

In some cases, the principal, the person creating the power of attorney, might grant general powers to an agent to conduct their financial affairs. General financial power would allow an agent to essentially act in your stead. However, you can also limit the power of attorney, which will restrict your agent from exercising their power only at certain times or in particular situations. Our lawyer can help you determine the extent to which you wish these powers to be granted.

Healthcare Power of Attorney

Many powers of attorney agreements are drafted for healthcare reasons. You might know medical powers of attorney as “advance directives” or “healthcare by proxy.” If you have medical preferences you wish to be respected, if you are incapacitated or cannot otherwise communicate your desires, a medical power of attorney can ensure that they are observed. This power of attorney is particularly useful if end-of-life care seems likely or if you have a condition that makes serious medical care a real possibility in the future.

Durable Power of Attorney

Most power of attorney agreements are made to be “durable.” This means that the power of attorney will remain active even if the principal is incapacitated. If a power of attorney is durable, the agent will continue to make the decision they were authorized to make, whether or not they can communicate with the principal. In Denver, all power of attorney agreements are considered durable unless the document contains express provisions terminating the power in the event of the principal’s incapacity under Colo. Rev. Stat. § 15-14-704. However, this only applies to powers of attorney created on or after January 1, 2010. If a power of attorney existed on or before December 31, 2009, it is durable only if it states that explicitly.

Thus, virtually any power of attorney, including financial and medical powers of attorney, can be durable. The goal is usually to have these arrangements last through incapacity, hence the law’s view of durability. If a person suffers a medical condition that impacts their ability to communicate or is developing cognitive issues, this rule will help keep their wishes intact. This way, you know your affairs are being managed by someone you trust and cannot be changed up later if you are incapacitated.

Limited (Non-Durable) Power of Attorney

A limited, or “special,” power of attorney is one that is explicitly made to be ineffective at a certain time or limited in scope. These are also known as “non-durable” powers. This means that it will expire if the principal becomes incapacitated or if it is designed to limit the agent to only certain functions.

Limited powers of attorney are more helpful for specific situations that you know to be temporary. Perhaps you are leaving the country for a while and need someone to manage your financial affairs while abroad. Or, you are undergoing a surgical procedure that will leave you out of action for a length of time.

In other cases, our lawyer can help you draft a limited agreement that gives your agent the ability to act in certain financial situations so that you are free to focus on other matters. This could mean giving authority over real estate transactions, managing the overall business operations, or making investments with company funds. Working with our firm is the best way to ensure the scope of the powers granted is clearly defined and the timeframe in which it should come into effect. If the time and scope are not explicit, the court might conclude the powers of attorney are durable and cannot be modified.

Springing Power of Attorney

A “springing” power of attorney is one that is not effective at the time the agreement is made. Instead, springing powers of attorney stay dormant until a certain time or event occurs, causing the power of attorney to “spring” into effect. This is a common condition in medical powers of attorney, where the principal’s incapacitation will trigger the agreement to spring up. This is a contingent agreement, meaning it will not go into effect if the defining act or time does not come to pass.

Requirements to Execute a Power of Attorney in Denver, CO

While a power of attorney agreement should be as detailed as possible, the law places little requirements for their execution. As long as it is signed by the principal, the power will typically be considered legally valid, as per § 15-14-705.

Our Denver Attorney for Setting Up Power of Attorney Can Help You Draft Yours Today

For a free case review with our skilled lawyer for setting up a power of attorney, contact YouLaw Colorado at (720) 815-4421.