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A financial power of attorney is a legal document that grants an individual (the agent) the authority to manage the financial matters of another person (the principal).
A power of attorney may be: special (also called limited), general, or temporary. A special power of attorney is one that is limited to a specified act or type of act. A general power of attorney is one that allows the agent to make all personal and business decisions [9] [10] A temporary power of attorney is one with a limited time frame. [11]
A Lasting Power of Attorney is made by filling in a form in a prescribed manner, signed and witnessed in a prescribed order. There is a Web site [ 9 ] which allows data to be filled in, and provides a filled-in form ready to be signed and witnessed in printable PDF format.
An attorney in fact or agent is a fiduciary and has a duty to inform and to account for actions taken under the power of attorney. Sec. 751.102. Duty to Timely Inform Principal. [TPC §489B(b)] (a) The attorney in fact or agent shall timely inform the principal of each action taken under the power of attorney.
This is where financial power of attorney (FPOA) comes into play. In Colorado, like anywhere else, financial power of attorney is a legal arrangement that provides a framework for managing an
A financial power of attorney can be a game changer if you find yourself in a situation where you need someone to have control of your finances because you can’t make decisions for yourself. It ...
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