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Powers of Attorney Lawyers in Longmont & Thornton
Assisting Clients with Complex Legal Documents in Denver & Surrounding Areas
Despite what some individuals believe, a power of attorney (POA) has nothing to do with being an attorney or having a law degree — except that involving an attorney in the process is critical to ensure that your documents are drafted adequately and accomplish your goals correctly. A power of attorney is a document that allows you (the principal) to give power to another person (the agent) to act on your behalf.
If you have questions about whether you need a power of attorney or how to properly exercise your rights under a power of attorney, call (720) 513-2299 for a free initial consultation.
Guidance with All Types of Powers of Attorney
There are many kinds of powers of attorney involved in estate planning, and the differences can be confusing.
To clear things up, the types are listed here:
Power of Attorney Over Property
Financial powers of attorney, also known as powers of attorney over property, are very common when you need to give another the person the right to make financial decisions regarding your assets, should you become incapacitated.
Power of Attorney for Health Care
Also known as a medical power of attorney, this power grants your “agent” the ability to make critical healthcare decisions on your behalf, should you become incapacitated.
General Power of Attorney
When you give your agent a durable power, it means they can make any and all necessary decisions regarding property or health.
Limited Power of Attorney
Having a limited power of attorney means that your agent can only make the specific types of decisions you want them to make for you.
Durable Powers of Attorney
A durable power of attorney can be either over property or healthcare. Durable simply means that the individual who you grant the “power” to has the ability to act now, as well as if you should become incapacitated.
Springing Powers of Attorney
If you only want your agent to be able to act after you become incapacitated or incompetent, you give them a springing power.
If the world of powers of attorney is still confusing, give us a call at (720) 513-2299 or contact us online. We are more than happy to help clear things up for you.
What is a Financial Power of Attorney?
A financial power of attorney document protects you while you are alive. If you were to lose capacity (generally Alzheimer’s, dementia, or being in a coma) and need someone to manage your money and other assets, your financial power of attorney handles this for you.
What Happens If I Lose Capacity & Don’t Have a Financial Power of Attorney?
If you were to lose capacity and not have a financial power of attorney in place, your loved ones will have to go to a court hearing known as a conservatorship hearing. This hearing costs thousands of dollars, and a judge who does not know you or who you would personally trust will appoint someone to manage your financial affairs. The judge could appoint an attorney who will charge you by the hour to handle this for you. An ounce of prevention is worth a ton of cure.
A similar situation occurs if you do not have a medical power of attorney in place. Fortunately, our team can guide you on how to put a full plan in place so you and your family can avoid court in multiple scenarios.
What is a Medical Power of Attorney?
A medical power of attorney allows you to decide who should make your medical decisions if you ever cannot make them for yourself. This person will be responsible for things like determining between procedure A, surgery B, or no treatment and determining if long-term care or hospice are ever needed.
What Happens if I Do Not Have a Medical Power of Attorney in Place?
Without a medical power of attorney, the Colorado Medical Proxy Statute has default rules in place for who can make your medical decisions. However, if you don’t have a traditional family or family disputes arise as to what care should be performed, a court hearing known as a guardianship hearing may take place for the judge to appoint someone to make these decisions.
Any court hearing costs thousands of dollars, and there is always the risk the judge may appoint someone you would not have wanted to make your medical decisions, or even hire an attorney to make them for you. The same thing can happen without a financial power of attorney as well.
Contact our firm to make an appointment to discuss this very important document. Your initial consult is free of charge!
What Does a Medical Power of Attorney Do?
The specific role of a medical power of attorney is to make decisions regarding your well-being if you are hurt and unable to talk to the doctors yourself. They can grant medical releases, approve surgeries, decide long-term care, and more.
Why Do I Need a Medical POA?
One thing people do not realize is that powers of attorney (both medical and financial) are required in Colorado. If you do not have a medical power of attorney and you become incapacitated, a judge has to come in and appoint a person to make decisions and talk to your doctors. This person is called a guardian, and the hearing to have that person appointed is not cheap (thousands of dollars). Then, you get the joy of paying that person hundreds of dollars per hour to make your choices for you.
Putting a simple MPOA in place lets you name who you want in charge, so a judge doesn’t have to. Let our firm guide you, so you can have peace of mind knowing you are fully protected, should anything unexpected happen.
Want a Medical Power? We’ve Got that Covered!
We take the pain and uncertainty out of creating a plan. Allow our team to craft your powers of attorney so you stay protected, no matter what the future holds!
Contact us at (720) 513-2299 today to learn more.