The significant amendments that may have affected your Colorado Power of Attorney (POA) if executed before 2010 involves hot powers. Expressing these powers in a general sense is no longer acceptable. The grantor must specify in the POA the hot powers vested on the agent (a sample of an updated POA form can be viewed in the “Forms” tab)
Hot powers include the agent’s power to create, change, end, cancel a trust, to make or amend the right of survivorship, and to amend a named beneficiary, among others. If your POA does not expressly indicate so, then your appointed agent is not in a position to implement any of these powers.
Another change is that when a POA does not indicate any effectivity date, the presumption is that the document becomes operative upon its execution. Moreover, this interpretation takes effect immediately after January 1, 2010.
Furthermore, unless stated otherwise, all POAs executed after January 1, 2010, are deemed durable POAs. Appointed agents are allowed to decide on finance matters involving the principal if the latter suddenly becomes physically or mentally impaired. The old ruling was that a POA has to specify that it’s a durable POA.
In case you’re holding on to a POA executed before 2010, it’s best to revisit it and update it as appropriate, ensuring that it is fully compliant with the state of Colorado’s current laws. A Colorado attorney can give you legal advice on this.
This Act has been ratified by numerous states in the US. It replaces earlier enacted ones such as the Uniform Durable Power of Attorney Act and the Uniform Statutory Form Power of Attorney Act, among others.