POA Protection When You Cannot Speak For Yourself
A Power of Attorney (POA) is a critical legal tool to help you prepare for the unexpected. It should be part of your estate plan, benefiting not your heirs but you yourself. While wills and trusts ensure your assets are distributed according to your wishes after death, a POA protects your interests while you are still alive but unable to make decisions on your own. With the guidance of our Loveland, CO power of attorney lawyer, you can make sure your voice is heard, even if you’re incapacitated.
Granting someone power of attorney allows a trusted individual to make essential decisions on your behalf regarding your finances, medical treatment, or both. There are specific laws regarding an agent’s fiduciary and ethical responsibilities (the person you name as your POA) to prevent them from making decisions that would harm you. Don’t leave your finances or preferred medical treatment up to the law or chance. Talk to the attorneys at W.B. Moore Law today about how a POA can protect you.
What You Need To Know About Power Of Attorney In Colorado
POA laws are not one-size-fits-all. For the document to be effective, it must comply with Colorado regulations governing the ability of one person to act on behalf of another. It’s essential that your POA is drafted by a skilled attorney, like those at our firm, one who understands the legal requirements for doing so and who can properly create the document so it’s accepted by hospitals and financial institutions.
The type of POA you choose defines how much authority your agent has and when that authority takes effect:
- Durable Power of Attorney: This grants your agent full authority over your legal matters if you are declared mentally incompetent. This can include settling any pending civil matters.
- Springing Durable Power of Attorney: This only activates if you become incapacitated due to serious illness or injury, giving your agent authority over your financial decisions.
- Nondurable Power of Attorney: This grants authority for a specific task or time period, such as handling a real estate closing or granting permission to perform a medical procedure, and expires once the matter is resolved or the time limit ends.
- Statutory Durable Power of Attorney: This offers a broad set of powers to your agent and may not be appropriate unless you require extensive assistance (such as if you are infirm or deemed incompetent).
Our Loveland power of attorney lawyer works closely with you to determine which type of POA fits your specific situation. You may need more than one to cover all possibilities. We also give you advice on determining who to name as your agent, as they will be authorized to make decisions that can have permanent legal and financial implications.
How Our POA Attorneys Keep You Safe
Our attorneys explain how each type of POA works in practice so you can decide if it provides the legal protection you want. We err on the side of preserving your agency, so each POA grants only the necessary authority. The document is personalized, with specific boundaries and contingencies to reflect your wishes.
Should you need a POA altered, we can do that, as well, or revoke it entirely. At W.B. Moore Law, we respect your agency and advise you on the right type of POA to include in your estate plan. Please call us today to speak with our Loveland power of attorney lawyer.