CO Code § 15-14-741 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 14 - Persons Under Disability - Protection|Part 7 - Uniform Power of Attorney Act|§ 15-14-741. Statutory Form - Power of Attorney

 A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this part 7.    STATE OF COLORADO STATUTORY FORM POWER OF ATTORNEY IMPORTANT INFORMATION This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in the “Uniform Power of Attorney Act”, part 7 of article 14 of title 15, Colorado Revised Statutes. This power of attorney does not authorize the agent to make health care decisions for you. You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent's authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you. Your agent is entitled to reasonable compensation unless you state otherwise in the special instructions. This form provides for designation of one agent. If you wish to name more than one agent you may name a coagent in the special instructions. Coagents are not required to act together unless you include that requirement in the special instructions. If your agent is unable or unwilling to act for you, your power of attorney will end unless you have named a successor agent. You may also name a second successor agent. This power of attorney becomes effective immediately unless you state otherwise in the special instructions. If you have questions about the power of attorney or the authority you are granting to your agent, you should seek legal advice before signing this form. DESIGNATION OF AGENT I (name of principal) name the following person as my agent: Name of agent: Agent's address: Agent's telephone number: DESIGNATION OF SUCCESSOR AGENT(S) (OPTIONAL) If my agent is unable or unwilling to act for me, I name as my successor agent: Name of successor agent: Successor agent's address: Successor agent's telephone number: If my successor agent is unable or unwilling to act for me, I name as my second successor agent: Name of second successor agent: Second successor agent's address: Second successor agent's telephone number: GRANT OF GENERAL AUTHORITY I grant my agent and any successor agent general authority to act for me with respect to the following subjects as defined in the “Uniform Power of Attorney Act”, part 7 of article 14 of title 15, Colorado Revised Statutes: (INITIAL each subject you want to include in the agent's general authority. If you wish to grant general authority over all of the subjects you may initial “All preceding subjects” instead of initialing each subject.) () Real property () Tangible personal property () Stocks and bonds () Commodities and options () Banks and other financial institutions () Operation of entity or business () Insurance and annuities () Estates, trusts, and other beneficial interests () Claims and litigation () Personal and family maintenance () Benefits from governmental programs or civil or military service () Retirement plans () Taxes () All preceding subjects GRANT OF SPECIFIC AUTHORITY (OPTIONAL) My agent MAY NOT do any of the following specific acts for me UNLESS I have INITIALED the specific authority listed below: (CAUTION: Granting any of the following will give your agent the authority to take actions that could significantly reduce your property or change how your property is distributed at your death. INITIAL ONLY the specific authority you WANT to give your agent.) () Create, amend, revoke, or terminate an inter vivos trus () Make a gift, subject to the limitations of the “Uniform Power of Attorney Act” set forth in , and any special instructions in this power of attorney section 15-14-740 , Colorado Revised Statutes () Create or change rights of survivorship () Create or change a beneficiary designation () Authorize another person to exercise the authority granted under this power of attorney () Waive the principal's right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan () Exercise fiduciary powers that the principal has authority to delegate, including powers to participate in the designation or changing of a fiduciary and powers to participate in the direction of a fiduciary in the exercise of the fiduciary's powers () Disclaim, refuse, or release an interest in property or a power of appointment () Exercise a power of appointment other than: (1) The exercise of a general power of appointment for the benefit of the principal which may, if the subject of estates, trusts, and other beneficial interests is authorized above, be exercised as provided under the subject of estates, trusts, and other beneficial interests; or (2) the exercise of a general power of appointment for the benefit of persons other than the principal which may, if the making of a gift is specifically authorized above, be exercised under the specific authorization to make gifts LIMITATION ON AGENT'S AUTHORITY An agent that is not my ancestor, spouse, or descendant MAY NOT use my property to benefit the agent or a person to whom the agent owes an obligation of support unless I have included that authority in the special instructions. SPECIAL INSTRUCTIONS (OPTIONAL) You may give special instructions on the following lines: EFFECTIVE DATE This power of attorney is effective immediately unless I have stated otherwise in the special instructions. NOMINATION OF CONSERVATOR OR GUARDIAN (OPTIONAL) If it becomes necessary for a court to appoint a conservator of my estate or guardian of my person, I nominate the following person(s) for appointment: Name of nominee for conservator of my estate: Nominee's address: Nominee's telephone number: Name of nominee for guardian of my person: Nominee's address: Nominee's telephone number: RELIANCE ON THIS POWER OF ATTORNEY Any person, including my agent, may rely upon the validity of this power of attorney or a copy of it unless that person knows it has terminated or is invalid. SIGNATURE AND ACKNOWLEDGMENT Your signature Date Your name period Your address Your telephone number State of [County of] This document was acknowledged before me on by (Date) (Name of principal) (Seal, if any) Signature of notary My commission expires: This document prepared by: IMPORTANT INFORMATION FOR AGENT Agent's duties When you accept the authority granted under this power of attorney, a special legal relationship is created between you and the principal. This relationship imposes upon you legal duties that continue until you resign or the power of attorney is terminated or revoked. You must: (1) Do what you know the principal reasonably expects you to do with the principal's property or, if you do not know the principal's expectations, act in the principal's best interest; (2) Act in good faith; (3) Do nothing beyond the authority granted in this power of attorney; and Disclose your identity as an agent whenever you act for the principal by writing or printing the name of the principal and signing your own name as “agent” in the following manner: (Principal's name) by (Your signature) as agent Unless the special instructions in this power of attorney state otherwise, you must also: (1) Act loyally for the principal's benefit; (2) Avoid conflicts that would impair your ability to act in the principal's best interest; (3) Act with care, competence, and diligence; (4) Keep a record of all receipts, disbursements, and transactions made on behalf of the principal; (5) Cooperate with any person that has authority to make health care decisions for the principal to do what you know the principal reasonably expects or, if you do not know the principal's expectations, to act in the principal's best interest; and (6) Attempt to preserve the principal's estate plan if you know the plan and preserving the plan is consistent with the principal's best interest. Termination of agent's authority You must stop acting on behalf of the principal if you learn of any event that terminates this power of attorney or your authority under this power of attorney. Events that terminate a power of attorney or your authority to act under a power of attorney include: (1) Death of the principal; (2) The principal's revocation of the power of attorney or your authority; (3) The occurrence of a termination event stated in the power of attorney; (4) The purpose of the power of attorney is fully accomplished; or (5) If you are married to the principal, a legal action is filed with a court to end your marriage, or for your legal separation, unless the special instructions in this power of attorney state that such an action will not terminate your authority. Liability of agent The meaning of the authority granted to you is defined in the ‘‘Uniform Power of Attorney Act'', part 7 of article 14 of title 15, Colorado Revised Statutes. If you violate the ‘‘Uniform Power of Attorney Act'', part 7 of article 14 of title 15, Colorado Revised Statutes, or act outside the authority granted, you may be liable for any damages caused by your violation. If there is anything about this document or your duties that you do not understand, you should seek legal advice.   History. Source: L. 2009: Entire part added,(HB 09-1198), ch. 106, p. 411, § 1, effective April 9. L. 2011: Entire section amended,(SB 11-083), ch. 101, p. 311, § 24, effective August 10.    OFFICIAL COMMENT   This section provides an optional form for creating a power of attorney. Any power of attorney that substantially complies with the form in Section 15-14-741 constitutes a statutory form power of attorney with the meaning and effect prescribed by the Act.   The form begins with an “Important Information” section that contains instructions for the principal and concludes with an “Important Information for Agent” section that contains general information for the agent about agent duties, events that terminate an agent's authority, and agent liability. The form is constructed to guide the principal through designation of an agent, optional designation of one or more successor agents, and selection of subject areas and acts with respect to which the principal wishes to grant the agent authority. The form also contains an option for nomination of a conservator or guardian in the event later court-appointment of a fiduciary becomes necessary ( Section 15-14-708 and Comment).  see  The grant of authority provisions in the form are divided into two sections: “Grant of General Authority,” which corresponds to the subject areas defined in Sections 15-14-727 through 15-14-739 of the Act, and “Grant of Specific Authority,” which corresponds to the actions for which Section 15-14-724(1) requires an express grant of authority in a power of attorney. Subpart 2 of the Act provides statutory construction with respect to all of the subject matters in the Grant of General Authority section and for the authority to make a gift listed in the Grant of Specific Authority section. The principal may modify any authority granted in the form by using the “Special Instructions” section of the form. For example, the scope of authority to make a gift is defined by the default provisions of Section 15-14-740 unless the principal expands or narrows that authority in the Special Instructions.   Cautionary language in the Grant of Specific Authority section alerts the principal to the increased risks associated with a grant of authority that could significantly reduce the principal's property or alter the principal's estate plan. The form is constructed to require that the principal initial each action over which the principal grants specific authority. The separate authorization of acts covered by Section 15-14-724(1) is intended to emphasize to the principal the significance of granting such specific authority and to minimize the risk that those actions might be authorized inadvertently.   Many principals may wish to grant an agent comprehensive authority over their day- to-day affairs. If this is the case, the principal may grant authority over all of the subject areas in the Grant of General Authority section by initialing “All Preceding Subjects.” Otherwise, the principal may authorize fewer than all of the subjects listed in the Grant of General Authority section by initialing only those particular subjects.   The statutory form is drafted to follow the Act's default provisions, but it does not preclude alteration of the default rules or the exercise of other options available under the Act. For example, if not altered by the Special Instructions, the default rules embodied in a statutory form power of attorney include:    the power of attorney is durable (Section 15-14-704);    the power of attorney is effective when executed (Section 15-14-709);    a spouse-agent's authority terminates upon the filing of an action for dissolution, annulment, or legal separation (Section 15-14-710(2)(c));    lapse of time does not affect an agent's authority (Section 15-14-710(3));    a successor agent has the same authority as the original agent (Section 15-14-711(2));    a successor agent may not act until all predecessors have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve (Section 15-14-711(2));    an agent is entitled to reimbursement of expenses reasonably incurred (Section 15-14-712);    an agent is entitled to reasonable compensation (Section 15-14-712);    the agent accepts appointment by exercising authority or performing duties, or by any assertion or conduct indicating acceptance (Section 15-14-713);    an agent has a duty to act loyally for the principal's benefit; to act so as not to create a conflict of interest that impairs the ability to act impartially in the principal's best interest; to act with care, competence, and diligence; to keep a record of receipts, disbursements, and transactions; to cooperate with the principal's health-care agent; to attempt to preserve the principal's estate plan to the extent the plan is known to the agent and if preservation is consistent with the principal's best interest; and to account if ordered by a court or requested by the principal, a fiduciary acting for the principal, a governmental agency with authority to protect the principal, or the personal representative or successor in interest of the principal's estate (Section 15-14-714);    an agent must give notice of resignation as specified in Section 15-14-718; and    an agent that is not the principal's ancestor, spouse, or descendant may not exercise authority to create in the agent, or an individual to whom the agent owes support, an interest in the principal's property (Section 15-14-724(2)).     Although the statutory form does not include express prompts for deviating from the foregoing default rules, any statutorily-sanctioned deviation from the statutory form may be indicated in, or on an addendum to, the Special Instructions.