A power of attorney is a crucial legal document that authorizes someone you trust to make decisions on your behalf in legal, financial, and healthcare matters. This tool becomes especially important if you become incapacitated and are unable to make those decisions yourself. As a foundational element of any comprehensive estate plan, a power of attorney provides peace of mind that your affairs will be managed according to your wishes. At Evans Case, our experienced Power of Attorney Lawyers are here to guide you through the process and ensure that your document is tailored to your specific needs and circumstances.
Incorporating a Revocable Living Trust into your estate plan alongside a power of attorney can further safeguard your assets and provide flexibility for managing them during your lifetime. While a power of attorney addresses immediate decision-making needs, a revocable living trust ensures that your financial resources are efficiently distributed according to your wishes after your passing. Our knowledgeable Trust Attorneys can help you understand the benefits of combining these tools for a more robust and effective estate plan.
In addition to powers of attorney and trusts, we also assist with drafting Wills to provide clear instructions on how your assets should be handled after your death. Wills are an essential complement to other estate planning tools, ensuring that all aspects of your legacy are addressed. For families with significant or complex assets, we offer specialized guidance in establishing a Family Limited Partnership (FLP) to protect wealth, minimize taxes, and streamline intergenerational asset transfers. Our Family Limited Partnership Attorneys are well-versed in structuring plans that meet both personal and financial goals.
At Evans Case, we are dedicated to helping you build a comprehensive and personalized estate plan. Whether you need a power of attorney, a trust, a will, or advanced planning solutions like an FLP, our Denver-based attorneys are ready to assist. Let us provide you with the confidence and clarity you need to protect your future and ensure that your wishes are honored. Contact us today to start planning with a team that puts your needs first.
A power of attorney ensures that all decisions are made in your best interest. It provides peace of mind that all legal and financial obligations will be addressed and identifies the person responsible for making your decisions. This generally helps prevent any potential disputes down the line between family members and loved ones, especially when it comes to making tough medical decisions.
Whether for personal, financial, or medical decisions, a power of attorney is a vital tool that helps ensure your best wishes are met if you become incapacitated and unable to communicate on your own behalf. The individual appointed is legally bound to act in the best interest of the principal, ensuring that all decisions are made according to their best wishes.
If you need help setting up a power of attorney, do not hesitate to contact our Denver office. The power of attorney lawyers at Evans Case are able to assist in setting a power of attorney and help you prepare for your future. We have been proudly offering our
estate planning services to Denver families for years and are committed to providing outstanding legal support.
Different Types of Power of Attorney
There are a number of different types of power of attorney available. Speaking with an experienced attorney can help you understand which option is best for you.
General Power of Attorney
A general power of attorney gives another trusted individual the authority to make financial, medical, and personal decisions on behalf of the principal. This generally involves responsibilities such as handling finances, managing real estate, and making legal decisions. A general power of attorney is fairly comprehensive, as it gives the agent almost full oversight over the principal’s matters.
Limited or Special Power of Attorney
A limited or special power of attorney grants another person the authority to act on behalf of the principal only in specific situations. For instance, the agent may be asked to handle certain real estate or financial matters, though not be responsible for making any important medical decisions on behalf of the principal. A limited power of attorney is generally useful in circumstances where the principal wants another person to handle only specific matters and nothing more.
Medical Power of Attorney
As the name suggests, a medical power of attorney gives the agent permission to make important medical decisions on the principal’s behalf. A medical power of attorney is used when the principal has become incapacitated and is unable to effectively communicate their wishes themselves due to their condition. The agent will be responsible for making decisions regarding medical treatment, surgeries, and end-of-life care. More often than not, the appointed individual is a trusted friend or family member of the principal, tasked with making sure that their healthcare preferences are respected and met.
Durable Power of Attorney
A durable power of attorney remains in effect when the principal becomes incapacitated. In some instances, a regular power of attorney may become void after the principal is incapacitated, but a durable power of attorney ensures that the agent can continue to handle the principal’s financial and legal matters with interruptions.
Regardless of which type of power of attorney you are interested in pursing, the estate planning attorneys at Evans Case are here to help. If you are unsure which type of power of attorney is best for you, we encourage to schedule a consultation and discuss your options with one of our trusted attorneys. For more information about power of attorney in the Denver area, call today and see how one of our power of attorney lawyers can help.
Colorado Requirements
In the state of Colorado, there are certain requirements that must be met by both the principal and the agent in order for a power of attorney to be valid and enforceable.
In Colorado, the principal must be at least 18 years of age and of sound mind when creating the power of attorney. The document must clearly state all of the responsibilities and powers that are being placed onto the agent, and it must be signed by the principal in the presence of a notary. It must also be clearly outlined whether or not the power of attorney is durable, meaning it remains in effect even if the principal becomes incapacitated. If it is not specifically stated on the power of attorney if it is durable, it will become void as soon as the principal becomes incapacitated.
Colorado provides statutory forms for various powers of attorney, such as financial and medical POAs. These forms are designed to meet the state's legal requirements and to simplify the process of creating a power of attorney. While the statutory forms are widely accepted and more commonly used, they may be customized to better fit the principal’s needs and preferences. These forms ensure that the power of attorney complies with Colorado law, though it is still advised that you consult with an experienced attorney to cover all of your bases and make sure the form accurately reflects the principal’s interests.
The agent of the power of attorney is legally required to act in the best interest of the principal. This means that the agent must handle all of the principal’s affairs with diligence and in accordance with their preferences. It is important to avoid any potential conflicts of interest and to keep a detailed record of all financial transactions and other important decisions made while acting on behalf of the principal. The agent is limited to acting within the scope of the power of attorney and is not permitted to use their authority beyond what is stated in the power of attorney. If an agent abuses their power and acts outside of the scope of the POA, they may be held legally accountable and have their power revoked.
It is important to familiarize yourself and the agent with the specific requirements set forth by the state of Colorado. It is highly encouraged that you speak with an experienced power of attorney lawyer to make sure that your power of attorney is legally binding and in compliance with Colorado law. The experts at Evans Case are well versed in the field of estate planning and can help ensure that your power of attorney is compliant and reflects your best wishes. For more information about how our team of Denver attorneys can help with your power of attorney and estate planning needs, call us today and schedule a consultation.
When Do You Need a Power of Attorney?
There are a number of different scenarios where a power of attorney may be useful. A power of attorney is not only designed for those who are sick or aging, but can be convenient for people who are taking extended trips as well. There are some key life events that you should consider if you are unable to manage your own affairs.
Extended Travel
As mentioned above, powers of attorney are not solely for those who are too sick or injured to manage their responsibilities themselves. It can also be a useful tool for those who are taking extended trips outside of the country. A power of attorney will allow another trusted individual to handle your business or financial affairs in your absence.
Illness or Injury
If you are facing a serious medical concern or are incapacitated due to your medical condition, a power of attorney is a great way to make sure that a trusted agent is handling your medical and financial decisions.
Aging
As we age, our cognitive ability tends to decline. A power of attorney enables another person to handle your affairs in the event that you are beginning to slow down and will no longer be able to manage your own obligations in the near future.
Whatever your reason for needing a power of attorney, it is important to ensure that a trusted agent is able to effectively manage your responsibilities and obligations while you are unable to do so. Whether you are travelling and will be absent for an extended period of time, or you are beginning to worry about your ability to manage your own affairs long-term, a power of attorney is great way to make sure that your personal preferences are met.
Revoking or Changing a Power of Attorney
In Colorado, revoking or amending a power of attorney is a fairly straightforward process. As long as the principal is of sound mind, they are able to make adjustments or revoke a power of attorney at any given time. It is still highly recommended that you consult with a trusted power of attorney lawyer before making any major changes.
If the principal wishes to revoke the power of attorney, they must create a formal, written notice of revocation. Once the power of attorney is revoked, it is important to distribute copies of the revocation to all involved parties. Failure to do so could result in legal complications with the agent, healthcare providers, or any other parties that were relying on the original POA.
There are a number of reasons why an individual may want to change a power of attorney. If the relationship between the principal and the agent has changed for any reason, the principal may want to appoint a new agent. Similarly, if the agent becomes incapable of carrying out the duties outlined in the power of attorney, the principal can appoint a new agent to take over their role. The principal does not necessarily need to have a reason for changing the agent, and can decide to change them at any time if they have a change of heart.
If the principal follows all of the steps listed above, they can make sure that their power of attorney is effectively changed or revoked. Again, it is advised that you consult with an experienced attorney before making any major decisions. Our Denver team of power of attorney lawyers can help ensure that your power of attorney and all other estate planning matters are properly handled. Call us today to schedule a consultation and speak with one of our attorneys today about all of your estate planning and power of attorney needs.
How Our Power of Attorney Lawyers Can Help
If you are in the Denver area and are seeking a power of attorney, we strongly recommend that you reach out to our experienced team of power of attorney lawyers today. Our team at Evans Case has been proudly serving Denver for decades and are committed to protecting the rights of our clients and making sure that their best wishes are met. For more information about how our estate planning services can help you plan for your future,
call us today and schedule a consultation to speak to one of our attorneys. Come see why our team of power of attorney lawyers has been trusted to offer outstanding legal support to Denver families for years.
