Colorado Powers of Attorney
Powers of attorney are key components of any estate plan. These legal documents allow you to designate a trusted person to make financial and health care decisions for you if you are incapacitated and unable to make those decisions yourself.
At the law firm of JR Phillips & Associates, P.C., we do more than draft these important legal documents for clients in the south Denver metro area and throughout Colorado. We also explain the decision-making process that should go into your designation of a power of attorney. If you choose, you can designate one person to make personal and health care decisions for you and another person to make financial decisions.
Who Needs Powers of Attorney
Everyone over the age of 18 is presumed capable of managing his or her own affairs. Regrettably, accidents and illnesses can render any one of us incapable of being able to do so. This could be temporary or long-term. Powers of Attorney are the way you designate WHO will be your ‘back-up” decision maker, and the tool by which your chosen “back-up” can make decisions for you when necessary.
Why You Need a Power of Attorney
A Power of Attorney is like a vaccine – you need to have it before you need it.
Regrettably, many times people come to an attorney AFTER a problem has occurred:
- A car accident leaves a family member incapacitated, unable to write checks or make financial or health care decisions
- Dementia leaves a parent unable to make reasonable decisions regarding his or her care
- An illness leaves a business owner unable to run the business and make crucial decisions
You may assume that another family member, especially a spouse or a parent, can just step into the incapacitated person’s shoes and make decisions. However, banks, nursing homes and institutions think differently. Without a valid power of attorney, your family may well need to go through costly and time-consuming legal proceedings to obtain guardianship or conservatorship of the incapacitated person.
A power of attorney designation is something that must be made in advance of need. Once you are incapacitated, you lack the legal capacity to make this designation. Powers of Attorneys are like vaccines, you need to have them before you need them.
Learn about living wills for end-of-life decisions.
Call Today for a Free Consultation
Call 303-741-2400 or fill out the contact form on this website to schedule a no-cost, no-obligation consultation.