Colorado law does not require its residents to name a power of attorney agent for their estates. However, in the event that you ever become incapacitated, the court may appoint a conservator to manage the final decisions of the estate. To prevent this, you could select an individual to have your power of attorney, who would then make those decisions instead.
Some online websites will provide templates for POA documents for less than $50. However, you still need to get that document legally notarized, which could cost an additional $50. But if there were errors in the making of this document, then it may not stand up in the eyes of the law.
The average price for a professionally drafted POA document ranges between $200 and $500. The cost can vary depending on the complexity of the document.
The hourly rate for which the power of attorney agent could be expected to be paid for their service should be worked out in the document. Average rates are around $20 to $40 an hour.
WHAT ARE THE DIFFERENT TYPES OF POA?
The types of power of attorney in Colorado are:
- Advance Directive
- Durable Power of Attorney
- General Power of Attorney
- Limited Power of Attorney
- Medical Durable Power of Attorney
- Minor Power of Attorney
- Real Estate Power of Attorney
- Revocation of Power of Attorney
- Tax Power of Attorney
- Vehicle Power of Attorney
WHAT IS TYPICALLY INCLUDED IN A POWER OF ATTORNEY DOCUMENT?
Just as every estate is unique, one should expect that power of attorney documents to differ from case to case as well. But there are some commonalities that one should expect to see in all POA forms, including:
- Title: providing clear identification of what type of POA document it is, for example, a financial POA or a health care POA.
- Date: the document must be signed and dated by all necessary parties.
- Principal: the name and address for who the power of attorney is.
- Agent: the name and address of who has been named as the power of attorney agent.
- Powers: the specific powers and how those powers could be revoked.
- Compensation: what the agent should expect to be paid for their services.
- Notarization: a POA must be notarized for it to be valid.
- Witnesses: Colorado does not typically require witnesses to the signing of a POA, but they could help authenticate the document.
SHOULD A LAWYER BE HIRED TO DRAFT A POA?
Just as you are not required to draft a POA, the document does not necessarily require the professional hand of an attorney. However, with estates where there are many assets to consider or perhaps some conflict over who is to be named the POA agent, it would be advisable to work in coordination with a lawyer in drafting your power of attorney document. Contact our law firm today at (720) 420-1039 to learn more about how we can help you with your situation.