If you are about to be appointed as an agent in a Power of Attorney to be executed in Colorado, it helps a lot to know what duties and authorities come with such an appointment. Sometimes, these duties are annexed to the document as additional info (view samples of Colorado POA form)
Once you accept this role, you are now duty-bound to perform what is expected of you as an agent. Once the document is signed, you (the agent) and the principal (the grantor) begin to have a legal relationship. This relationship continues until such time that you beg off from the role or when the document itself is terminated.
Duties of an agent
As an appointed agent of the principal, you are expected to act in his behalf keeping his interests, priorities, and expectations in mind. All your actions should be done in good faith and refrain from doing anything that is beyond the scope of authority granted to you.
Signing on behalf of the principal
It is important to state your identity when acting as an agent. When signing on behalf of the principal, you should first write his name and affix your signature as an agent, making it clear that you’re signing a document on his behalf.
Unless specified otherwise, you should be able to act for the benefit of your principal, keep away from issues that would affect your capacity to act in his benefit, exercise competence, care, and diligence, maintain and monitor documents such as receipts, evidence of disbursements, and agreements executed in his behalf, to work side by side with individuals or entities authorized to make decisions in matters of health on behalf of the principal, to perform what the principal expects of you and to act in such a way that would uphold his interests.
Criteria for termination
Once you obtain information that the power of attorney has been terminated, you are bound to stop acting as an agent.
The Colorado state recognizes the following conditions that would result in termination of the power of attorney.
Natural cause such as the death of the principal or grantor leads to the termination of the document. Other reasons for document termination include document revocation by the principal, the satisfaction of an event leading to termination as expressly stated in the power of attorney, and the full satisfaction of the intention of the principal when he executed the document. If you are the principal’s legal spouse, the power of attorney is deemed terminated at the time of filing of an action leading to separation or dissolution of marriage. The exception to this rule is when it is expressly stated in the document that such event is not a ground for termination.
Liability of agent
Violation of the Uniform Power of Attorney Act of the Colorado Revised Statutes makes you answerable for resulting damages. Also, acting beyond the authority granted holds you liable.