Colorado Power of Attorney Law
Colorado Power of Attorney Law
Power of Attorney and Health Care – General – Colorado
When a person creates a power of attorney using substantially the form set forth in §15-1-1302, any third party may rely in good faith on the acts of the agent within the scope of the power of attorney without fear of liability to the principal. The form set forth in §15-1-1302 is not exclusive.
The form set forth in §15-1-1302 is known as the “statutory power of attorney for property” and is used to grant an agent powers with respect to property and financial and other matters of the principal. The issue of whether a power of attorney meets the requirements of a statutory power of attorney for property is not affected if one or more of the categories of optional powers listed in the form are withheld or if the form includes specific limitations on or additions to the agent’s powers, as permitted by the form. Any nonstatutory power of attorney for property must be executed by the principal and must designate the agent and the agent’s powers, but need not be acknowledged or conform in any other respect to the statutory power of attorney for property.
A statutory power of attorney is legally sufficient under this act, if the wording of the form complies substantially with §15-1-1302, the form is properly completed, and the signature of the principal is acknowledged.
A power of attorney legally sufficient under §15-1-1302 is durable to the extent that durable powers are permitted by any other law of this state and the power of attorney contains language such as “this power of attorney will continue to be effective even though I become disabled, incapacitated, or incompetent”, showing the intent of the principal that the power granted may be exercised notwithstanding later disability, incapacity, or incompetency.
Whenever a principal designates another his attorney-in-fact or agent by a power of attorney in writing and the writing contains the words “This power of attorney shall not be affected by disability of the principal.” or “This power of attorney shall become effective upon the disability of the principal.” or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding his disability, the authority of the attorney-in-fact or agent is exercisable by him as provided in the power on behalf of the principal notwithstanding later disability or incapacity of the principal at law or later uncertainty as to whether the principal is dead or alive.
The death, disability, or incompetence of any principal who has executed a power of attorney in writing, other than a power as described by §15-14-501, does not revoke or terminate the agency as to the attorney-in-fact, agent, or other person who, without actual knowledge of the death, disability, or incompetence of the principal, acts in good faith under the power of attorney or agency. Any action so taken, unless otherwise invalid or unenforceable, binds the principal and his heirs, devisees, and personal representatives.
All powers of attorney executed for real estate and other purposes, pursuant to law, shall be deemed valid until revoked as provided in the terms of the power of attorney or as provided by law.
Where an agency instrument contains the language specified in §15-14-501 or otherwise specifies that the agent designated therein may exercise the authority conferred notwithstanding the principal’s disability, such agent may exercise such authority notwithstanding the principal’s later disability or incapacity or later uncertainty as to whether the principal is dead.
Any agency created by an agency instrument continues until the death of the principal, regardless of the length of time that elapses, unless the agency instrument states an earlier termination date.
The principal may amend or revoke the agency instrument at any time and in any manner that is communicated to the agent or to any other person who is related to the subject matter of the agency. Any agent who acts in good faith on behalf of the principal within the scope of an agency instrument is not liable for any acts that are no longer authorized by reason of an amendment or revocation of the agency instrument until the agent receives actual notice of the amendment or revocation.
If an agency instrument appoints the principal’s spouse as agent and a court enters a decree of dissolution of marriage or legal separation between the principal and spouse after the agency instrument is signed, the spouse shall be deemed to have died at the time of the decree for purposes of the agency.
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