Powers of Attorney

Posted on

Nov 08, 2018

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Powers of Attorney are the most underrated legal documents.
It seems to be common knowledge that everyone needs a Will but many people dont know that Powers of Attorney are even more important for the majority of people. Without a Will your estate will usually be divided among your decedents under Colorado lawjust like the vast majority of all Wills say.

While a Will only takes effect after death, Powers of Attorney cover you while youre unable to act on your own behalf. Dementia is a common cause of incapacity but so are strokes and car accidents. If youve driven in Colorado Springs you know that you could have an accident any day, at any age.

Once an individual has lost capacity to act on his or her own behalf someone else needs to act for him or her. Otherwise, bills cannot be paid, contracts cannot be signed, and medical decisions cannot be made. Executing Powers of Attorney are the way to plan for your incapacity now, while you are still able.

Powers of Attorney allow you to nominate an agent or co-agents to make decisions for you in the event of your incapacity. A backup or co-agent is often nominated as well. Powers of Attorney come in two self-explanatory flavors; Medical and Financial (also known as durable).

If you didnt execute Powers of Attorney before becoming incapacitated, the only way to appoint someone to act on your behalf is through the court. This can cost thousands of dollars and take months.

Powers of Attorney dont typically expire but they do get stale. They should be less than ten years old; five if youre over 80. Even if you choose not to do a full estate plan, start with Powers of Attorney and know that youve planned for the worst even though the hope is youll never need to use them.



Editors note: This article was submitted by Ryan N. Morey, Esq. an elder law attorney with Morey Law, P.C. and may be reached at (719) 465-4324 or ryan@moreylawpc.com.



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