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A legal document permitting certain actions to be taken by an individual, also known as an agent or attorney-in-fact, on behalf of another person, referred to as a grantor or principal, is called a power of attorney. To ensure the validity of a power of attorney, the principal must have all of his or her mental faculties to understand the document being signed. Once the power of attorney becomes legally binding, the agent may sell a home, vehicle, or property on behalf of the principal. If you are considering estate planning, this is the route to take. 

When it comes to a power of attorney, Colorado rules and requirements may be slightly different. With a Colorado power of attorney, the agent may also sign a legal contract in place of the principal. Speak to an expert legal expert about your specific needs.

Defining a Medical Power of Attorney

A medical power of attorney allows the principal to designate a trusted family member or friend as the agent who makes his or her medical decisions. The agent steps in when the principal becomes unconscious or mentally incapacitated. When considering a medical power of attorney, Colorado has some of the best lawyers.

Enacting a medical power of attorney may be temporary, where the principal is due for surgery that requires anesthesia or results in unplanned complications. A healthcare power of attorney may be used for long-term health conditions usually attributed to aging.

The medical power of attorney goes into effect when the principal does not have the capacity to make medical treatment decisions. Signing a power of attorney for health care is recommended in general.  

A Financial Power of Attorney Explained

A financial power of attorney grants your agent permission to oversee your finances. This is not a carte blanche for that individual to do whatever they want with your money because you can specify the financial dealings your agent controls. Based on the wording, a financial power of attorney may become effective once the document is signed or when the principal becomes incapacitated. 

Do not leave decisions about your will or trust to chance. Getting a power of attorney for finances ensures you, your spouse, or other loved ones are protected. If you are considering a financial power of attorney, Colorado lawyers are available to speak with you.

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Denver Estate Planning Attorney
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In the event of your passing or incapacity, an estate planning attorney will ensure your loved ones and assets are taken care of. Our services are comprehensive, and we deliver the best solution for your needs.
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Greenwood Village, Colorado80111