A power of attorney is a document that enables a person “attorney-in-fact” privileges for another individual. These privileges can be assigned in a manner that is general, or aimed at specific purposes. A common situation requiring the use of a power of attorney is when an individual becomes incapacitated in some manner. In these situations, the incapacitated individual is in need of a trusted agent to make medical and financial decisions while they themselves are not able. It is important to plan ahead in these situations, as the individual granting the authority in the power of attorney must do so while he or she still has the requisite capacity.
Durable Power of Attorney in Colorado
In the state of Colorado, most power of attorney assignments are understood to be “durable.” A durable power of attorney is a legal document that acts the same as a general power of attorney. The difference is that, unlike an ordinary power of attorney, the agreement survives if the principal is incapacitated. It’s a good idea to work with an attorney to properly draft these documents. At Brestel Bucar, our attorneys are ready to help you address this matter in a way that is best-suited for your unique situation.
General POA – Less Limitation
A general power of attorney grants all of the abilities that state law allows. The decision making power from a general power of attorney can include financial, legal, and business decisions. It is important to also execute a medical power of attorney for health care decisions.
Special/Limited/Specific Powers of Attorney – More Limitation
A limited power of attorney may also be called a special or specific power of attorney. These types of POA’s are similar to general POA’s except that they are limited to certain circumstances. The breadth of these limitations are essentially whatever you can think of. These can get so narrow that they apply only to a single transaction. Alternatively, they can carry more general limitations such as applying specifically to medical or financial transactions. An attorney can walk through your options with you and help you make a good decision.
Springing POA – Circumstantial Privileges
Sometimes we don’t want to grant another party power of attorney until certain circumstances arrive. For example, it may not be necessary for another individual to make decisions for us until we become incapacitated. It is important to carefully consider the consequences and potential delays a springing POA may cause in emergency situations, however. Therefore, it is important to consult with an attorney to draw up the right solution for your unique circumstance.