 | Colorado Durable Financial Power of Attorney Form |
The Colorado durable financial power of attorney form is a document that will authorize another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the “Uniform Power of Attorney Act,” Part 7 of Article 14 of Title 15, Colorado Revised Statutes. (Also see Power of Attorney Act, C.R.S. §§ 15-14-701)
How To Write
Step 1 – Download the document and begin by carefully reading the information provided. If at any point, you are not sure how to interpret what you’re reading or signing, consult with a knowledgeable attorney, prior to providing any information or signatures.
Step 2 – Once you’ve read the information provided and believe you understand it, provide the following:
- Designation of Agent –
- In the first blank line of the document, enter your name
- Then Provide –
- Name of agent
- Agent’s physical address
- Agent’s telephone number
Step 2 – Designation of Successor Agent (in the event your first selected agent becomes unable or unwilling to serve as your agent) Provide the following information:
- Name of successor agent
- Successor agent’s address
- Successor agent’s telephone number
- In the event neither of your first two selections, provide the following information for a second successor agent. This is optional –
- Name of second successor agent
- Second successor agent’s address
- Second successor agent’s telephone number
Step 3 – Powers granted to agent(s) – Initial any of the powers you are willing to grant to all of your agents. If you would like to grant all powers you need not initial each line, but go directly to the bottom line and initial the line that covers all powers as allowable by the principal:
- Real property
- Tangible personal property
- Stocks and bonds
- Commodities and options
- Banks and other financial institutions
- Operation of entity or business
- Insurance and annuities
- Estates, trusts, and other beneficial interests
- Claims and litigation
- Personal and family maintenance
- Benefits from governmental programs or civil or military service
- Retirement plans
- Taxes
- All preceding subjects
Step 4 – Denial of powers by Principal unless otherwise initialed – Granting any of the following will give your agent the authority to take actions that could significantly reduce your property or change how your property is distributed at your death. INITIAL ONLY the specific authority you carefully choose to select to give your agent:
- Create, amend, revoke, or terminate an inter vivos trust
- Make a gift, subject to the limitations of the “Uniform Power of Attorney Act” set forth in C.R.S. § 15-14-740, and any special instructions in this power of attorney
- Create or change rights of survivorship
- Create or change a beneficiary designation
- Authorize another person to exercise the authority granted under this power of attorney
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan
- Exercise fiduciary powers that the principal has authority to delegate
- Disclaim, refuse, or release an interest in property or a power of appointment
- Exercise a power of appointment other than: (1) The exercise of a general power of appointment for the benefit of the principal which may, if the subject of estates, trusts, and other beneficial interests is authorized above, be exercised as provided under the subject of estates, trusts, and other beneficial interests
- or
- (2) the exercise of a general power of appointment for the benefit of persons other than the principal which may, if the making of a gift is specifically authorized above, be exercised under the specific authorization to make gifts
- Exercise powers, rights, or authority as a partner, member, or manager of a partnership, limited liability company, or other entity that the principal may exercise on behalf of the 1-5 entity and has authority to delegate excluding the exercise of such powers, rights, and authority with respect to an entity owned solely by the principal which may, if operation of entity or business is authorized above, be exercised as provided under the subject of operation of the entity or business
Step 5 – Special Instructions – If you have any special instructions for your Agent(s) place them on the lines provided on the form – If more room is required, add a sheet of continued instructions and attach them to this document.
- If you choose not to make this document immediately available, you must mention this fact in your special instructions.
Step 6 – If a court of law, find it’s necessary to appoint a conservator or guardian and these would be different from the Attorney(s) in Fact/Agents, provide the following information:
- Name of nominee for conservator of my estate
- Nominee’s address
- Nominee’s telephone number
- Name of nominee for guardian of my person:
- Nominee’s address
- Nominee’s telephone number
Step 7 – Reliance upon the power of attorney – This is a simple statement stating that any person, including your attorney in fact/agent, would be able to rely upon the validity of this power of attorney or any copy of it unless that person knows it has terminated or is no longer valid. The principal must then provide:
- Your signature
- Date of signature
- Your name printed
- Your physical address
- Your telephone number
Step 8 – The remainder of this document must be completed by a notary public and their seal must be affixed.
- Once complete the notary will hand the documents back to the Principal
- Copies should be made to provide to each party listed in the document as well as any financial institution with interest in this estate.
