#Does power of attorney need notarized how to

Why it is a Good Idea to Witness & Notarize a POA Why? The signature is presumed to be genuine if the power of attorney is notarized. A signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other individual authorized by law to take acknowledgments.” Colorado Revised Statute § 15-14-705ĭespite the law, it is considered best practice to have the document signed, notarized, and witnessed by two people. “A power of attorney must be signed by the principal or in the principal’s conscious presence by another individual directed by the principal to sign the principal’s name on the power of attorney. Does a Power of Attorney Need to be Notarized or Witnessed?Ĭolorado law does not require a power of attorney to be witnessed or notarized. The agent must keep records of their actions if those actions need to be reviewed. How Do I Know the Agent is Not Misusing the Power of Attorney?Īn agent is a fiduciary, which means that he or she must act with the highest degree of good faith. A bank or other financial institution may rely on the durable power of attorney inadvertently if you do not let them know the agent cannot act on your behalf. It is also important to notify any bank or other institution that the agent’s power is revoked. It is important to notify the agent in writing that they can no longer act on your behalf. You can revoke an agent’s powers under a power of attorney at any time. Only a conservatorship or guardianship can legally take away certain rights away from you. The agent has authority with you, so your rights are not taken away.

#Does power of attorney need notarized how to

If you wish to include “hot powers” which includes such things as disclaimers, changing beneficiary designations, making gifts requiring specific authority and various other powers, it is crucial that you understand the consequences and how to properly grant the power. It is important to speak to a qualified estate planning attorney to draft your power of attorney. This is important because it may avoid a costly conservatorship or guardianship proceeding that is needed if you do not have a power of attorney in place.

If you become disabled, the agent that you designate ahead of time can immediately step in and handle your financial affairs. In Colorado, a power of attorney is durable unless the power of attorney states otherwise. A durable power of attorney means that the agent can make decisions for you even if you are incapacitated. A power of attorney lawyer can help you understand what powers you should give your agents and what affect it may have on you. Typical decisions include the ability to pay bills, cash checks, access your bank accounts, and make other financial decisions you would typically make on a daily basis.Īn agent’s powers are limited to those that you grant in a written document. A Colorado financial power of attorney, also known as a general power of attorney, allows your agent to make financial decisions for you.