For people running businesses, it is a usual norm to visit off country sites and remain inactive at your headquartered location. There might be chances of a medical condition where you may be required to undergo some emergency treatment/surgery. In that case, have you ever imagined who is going to be the care-taker of your empire/business?
Here enters your saviour with a name ‘Letter of Attorney’ or ‘Power of Attorney’ (POA).
It is a legally recognized document that allows you to appoint someone trustable or even an organization to take control over your affairs if and when you are unable to. The appointed person, is called the agent (attorney-in-fact), and you are deemed to be the principal. It can be limited to one decision or can be so broadly written that the agent can do almost anything on your behalf. The authority you give is dependent upon the document’s language.
Whether living alone or with a family, everyone needs a POA. It is a wonderful tool in the hands of a trustworthy person who can take best care of your interests.
POA comes with a huge responsibility and can be a dangerous tool if fallen into the hands of a wrong person.
There are many cases citing wrong choices on POA and how it resulted in exploitation or abuse by a family member or friend. It’s an unpopular document, grateful to mistrust and the popular belief that your family/ friends know your will and best interests. But that is hardly the case.
Other than mistrust, there are elements like greed and malicious eye on wealth can affect. Though, you can control that you wouldn’t want one person to handle every little thing in your life when you cannot.
Yes!! The POAs aren’t created equal. Your attorney-in-fact can only control one area of your life, and you can control and limit the power you hand over.
This idea of maintaining different levels of control make space for different types of POAs and different types of free Colorado power of attorney forms.
So, be relieved! You get to choose what to delegate, who to delegate to, why delegate to them, and for how long they hold that control.
Types of POA:
There are basically two kinds of Power of Attorney:
Colorado General Durable POA Law:
This is the general durable POA (DPOA) law that covers the general POA and the healthcare POA. The elements of the law are covered in different parts of the Colorado state laws.
Colorado Durable Power of Attorney Laws:
If you are suffering from serious medical conditions and you need some time to make the end of life decision like withdrawing of maintaining the life-support machine, then a durable POA is essential. It’s also called the healthcare POA. The document is only used when the principal is unconscious or unable to issue consent for a medical procedure. It’s the document that states whether you want to stay hooked to an artificial respirator or not. DPOA also authorizes the agent to refuse to issue their consent for medical treatment, or nourishment. A durable POA is revocable at any time with certain conditions.
Whom to Choose as your Agent?
By now you are aware of the roles and responsibilities you agent will be performing under POA. Since s/he will be potentially handling your legal and financial affairs, you must choose someone who either has some experience in these fields or has a personality and financial savvy to handle the decision-making.
Choose someone who:
- Is trustworthy and fair-minded
- Understands duties, and has commitment to undertake them seriously
- Understands your wishes and values
- Demonstrates loyalty – to you
Now when you have your trustworthy by your side, why not get a free online Power of Attorney Form for Colorado!