Wrapping up our blog series Powers of Attorney FAQs, below are some more answers about this essential aspect of estate planning.
A: Yes, as long as you have the capacity to do so. In other words, if you are NOT incapacitated and you change your mind about any aspects of your powers of attorney, you can revise or revoke these powers.
When it comes to altering powers of attorney in the future, however, we want to note that certain life changes, like an annulment, separation or divorce can impact your powers of attorney if your former spouse was named as your agent. If your powers of attorney identify your spouse as your agent and then your marriage ends, by Colorado law, that individual will no longer be your agent. If you named a Successor Agent in your powers of attorney, then:
A: Yes. In fact, when appointing agents for your powers of attorney, you can name:
We also want to point out that if you truly do want multiple people to share a single power of attorney, there are various options you can include in this power of attorney, such as:
A: An agent who accepts the responsibility of having a power of attorney for you becomes, in the eyes of the law, a fiduciary, which means that the agent has some specific legal obligations (s)he must abide by. In the event that you believe an agent has breached his or her responsibilities pertaining to the powers of attorney (i.e., a breach of fiduciary duty has occurred):
Are you ready to put some powers of attorney in place? If so, you can turn to a trusted estate planning attorney at Phillips & Blow, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs. We take pride in helping each of our clients and their families find the best solutions for them.
We can discuss your estate planning needs and different options during our consultation. To schedule this meeting, call us at (303) 713-9147 or email us using the contact form at the top of this page.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.