Colorado laws governing durable power of attorney is stated in Uniform Power of Attorney Act (“Act”). The Act is stated in Colorado Revised Statutes, Title 15, Article 14, Part 7, Subpart 1 (General Provisions). According to Colorado laws, a durable power of attorney is a type of power of attorney that will not be revoked if a principal is subsequently disabled or incapacitated. According to Section 15-14-704, all powers of attorney created after January 2010 is considered durable unless the power of attorney indicates in writing that it is not durable. Otherwise, all powers of attorney created before January 2010 is considered as a general power of attorney until it is indicated in writing that the power of attorney is durable. All powers of attorney including durable power of attorney should be recorded in the office where the conveyance is required to be recorded.
Generally, a durable power of attorney terminates when the principal dies, however, if the agent acted in good faith without knowledge of the principal’s death, the agent’s actions will bind the principal’s successors. Apart from the principal’s death there are other circumstance when a durable power of attorney will get revoked, they are:
- principal revoking the power of attorney,
- power of attorney providing for revocation,
- accomplishing power of attorney’s purpose,
- principal revoking the agent’s authority, or
- agent’s death, resignation, or incapacity,
- dissolution of marriage between agent and principal (when both are married couple).