Greeley Power of Attorney Lawyers
Estate planning allows you to be prepared for the unexpected. Protecting your assets and ensuring your wishes are carried out requires meticulous preparation based on your circumstances, family and financial dynamics, and needs. Fortunately, many legal instruments are available to take care of your future.
At Peek Goldstone, LLC, we understand the importance of proper estate planning and management. Besides other legal strategies, we can assist with creating specific Powers of Attorney designed to protect you when you may not be available or able to voice your wishes. Our legal team has an extensive understanding of this area and is here to provide you with all the guidance and implementation you need.
Make an appointment for a consultation with a Greeley attorney for Powers of Attorney by contacting a team member at (970) 442-5281.
What Is a Power of Attorney?
A Power of Attorney (POA) is a legal instrument that grants authority to another individual to act on your behalf in crucial financial and personal matters. This document ensures that your affairs will be managed according to your preferences, even if you cannot make decisions due to illness, incapacity, or absence.
Why Do You Need a Power of Attorney?
Life can be unpredictable, and sometimes circumstances prevent us from managing our affairs. It's essential to have a plan in place to ensure your interests are protected, even in challenging times. With Powers of Attorney, you can choose a trusted individual who can decide on your behalf when you cannot.
Illness, accidents, or even an extended absence can all disrupt your ability to handle important matters. Powers of Attorney provide a solution by allowing you to designate someone as your backup decision-maker. This person will have the legal authority to act on your behalf and safeguard your interests.
Fiduciary Duty in a Power of Attorney
The "fiduciary duty" is a legal obligation the individual granted Power of Attorney (POA) has toward the person they represent. It requires them to act in your best interests. Your POA agent must prioritize your interests above their own and avoid any conflicts.
They must exercise reasonable care, skill, and diligence while making decisions and handling your affairs and must maintain strict confidentiality regarding your personal and financial information. Additionally, they should keep accurate records, provide periodic updates, and be prepared to account for their actions upon request.
Does the Power of Attorney Remove Your Rights?
A Power of Attorney (POA) does not remove your rights. It simply grants authority to another person to act on your behalf in specific matters when you cannot do so yourself. Your rights are not relinquished by granting a POA; it allows someone you trust to make decisions in your best interest. You can revoke a POA if necessary.
Types of Powers of Attorney
Powers of Attorney can be designed to address different kinds of circumstances. They can authorize your trusted person to manage your financial affairs or healthcare if you become incapacitated by illness or injury. POAs can also be created to enable someone to handle a single transaction for you, such as selling an asset or filing your tax returns, should you be out of town or out of the country.
Powers of Attorney can include:
- General Power of Attorney: This grants broad authority to an agent to handle various financial and legal matters on your behalf.
- Limited/Specific Power of Attorney: With this type of POA, you can authorize someone to act on your behalf for a specific purpose or within a limited timeframe.
- Durable Power of Attorney: Unlike a regular POA, a durable POA remains in effect even if you become incapacitated.
- Medical Power of Attorney: Also known as a healthcare proxy, this allows you to designate an agent to make medical decisions on your behalf when you cannot do so.
- Springing Power of Attorney: This POA comes into effect only when a specified triggering event occurs, such as a medical diagnosis or incapacity.
Understanding the legal aspects of Powers of Attorney is crucial to making informed decisions. To create POAs, you must be of sound mind and have the legal capacity to grant them. They can be modified or revoked anytime if you are mentally competent. It’s essential to choose a trustworthy and qualified person to be your “agent.” Finally, they must be executed appropriately and meet all Colorado legal requirements.
Put Our Qualified Team at Peek Goldstone, LLC on Your Side
Don't leave your future to chance. Take the first step towards securing your legacy through Powers of Attorney that are right for you. Our dedicated team is ready to guide you through every aspect of this important process.
Get in touch with us online or at (970) 442-5281 for legal guidance today.