What is a Power of Attorney?
A power of attorney is an important legal document that is used by an individual (the principal) to grant specific rights to another individual or group (the agent) when deemed necessary. These flexible documents can be customized to express the specific rights granted by the principal and are an important part of the principal’s estate plan. A power of attorney can become effective immediately, on a specified date, or upon the debilitation of the principal, and can terminate on a specific date or when the principal dies.
The power of attorney in Colorado is known as “durable”, unless otherwise noted. A durable power of attorney allows the agent to make decisions even if the principal is incapacitated. For example, if the principal has an accident and becomes disabled, the specified agent can instantly take over finances, make health care or legal decisions for the principal, etc. It’s very important to note that when choosing a power of attorney, the agent should be someone who is strongly trusted, such as close relative, friend, or spouse and that the durable power of attorney can be revoked by the principal at any time.
No one can predict the future or knows for sure if they will have to one day rely on someone to make serious decisions for them, but they can plan for the future. Part of that planning should include what needs to transpire should debilitation occur. Having a legal plan of action, such as a power of attorney, can alleviate the worry and stress of wondering who will take care of important matters on your behalf should you be unable to.
Acquiring an attorney who is qualified in estate planning can be most advantageous when choosing to have a power of attorney drafted. An experienced lawyer can effectively write the document so that it expresses the principal’s objectives and intentions. Not only can an attorney draft the document, they can assist the principal with lawsuits or claims should there be a breach on behalf of the agent.
Ted Bendelow of Bendelow Law Office LLC has over 40 years of legal expertise. His broad range of experience includes general counsel and everything in between. If you live in Boulder, Longmont, Denver, or any of the surrounding communities and need a power of attorney, or any other legal advice, call Ted Bendelow of Bendelow Law Office LLC today.
