A power of attorney authorizes one to act on another's behalf in legal, unusual or business matters. A power of attorney is useful when a person's capacity to look after their own affairs is diminished. We can draw up powers of attorney that will make sure family business decisions are made by the family. In order to properly create a power of attorney, the principal and agent must have the legal capacity to create the relationship. Additionally, the principal must be competent to designate a person as their agent.
Under Colorado Revised Statute § 15-14-700, a power of attorney has significant power to manage your finances in the event that you are unable to. Appointing a durable power of attorney for your finances can help preserve the value of your estate so that it will be available to help meet the needs of you and your family while you are alive. A financial power of attorney can include the power to buy, sell, manage, and borrow against any and every kind of property that you own and the power to enter into real estate transactions of any and all types. Our attorneys can prepare the documents necessary for a power of attorney and customize it to fit your needs. |
