Why Do I Need Medical & Financial Powers of Attorney?

Powers of attorney are key tools for incapacity and estate planning, granting another individual the legal authority to make certain important decisions for you when you are not able to make them for yourself. While powers of attorney can focus on medical or financial decisions, they can also be as general, specific, limited, or expansive as you want.

No matter what type of powers of attorney best fit your circumstances, these devices can provide priceless peace of mind to you and your loved ones. Here’s why and how.

How Medical Powers of Attorney Work in Colorado

Also referred to as “advanced care directives” or “powers of attorney for health care,” medical powers of attorney appoint an agent (or an “attorney-in-fact”) to make decisions regarding health care. This can include decisions regarding medical interventions and treatments, nursing home care, and resuscitation orders.

Although medical powers of attorney can take effect whenever you see fit, many choose to set these devices in action if or when certain conditions—like terminal illness, coma, or dementia—are present. Depending on the power of attorney documents, the agent may also be granted the authority to handle related needs, like (but not limited to):

• Accessing medical records in order to make more informed decisions

• Discussing medical issues with the treating physicians

• Completing admissions forms and insurance documents

How Financial Powers of Attorney Work in Colorado

Consequently, agents for financial powers of attorney typically have the authority to do things like (but not limited to):

• Conduct financial transactions

• Pay the bills, taxes, and medical expenses

• Manage the principal’s investments and finances

• Make necessary purchases

• Sell off assets

• Access and manage the principal’s financial accounts

• Collect income and benefits, including military and retirement benefits

• Operate the principal’s business(es)

What Happens If I Don’t Have Powers of Attorney?

Without powers of attorney in place, important decisions about your health care and/or finances can be left up to Colorado law and the courts. That can mean that your wishes do not get carried out and that some of the most critical choices about your life end up in the hands of strangers. It can also mean long court battles and more stress for your loved ones.

The Colorado Bar Association has some sample power of attorney forms here, showing how these devices typically look on paper and some of the specific issues to consider when it’s time to establish (or update) financial and/or medical powers of attorney. For experienced help creating or serving as a power of attorney in Colorado, contact a 5-star Denver estate lawyer at Evans Case, LLP.

Get Exceptional Representation in Colorado Probate & Estate Administration

Whether it’s time to update your estate plan or you’re just considering powers of attorney for the first time, you can turn to a Denver estate planning lawyer at Evans Case, LLP for client-focused counsel and exceptional service. With more than a century of combined experience, our team is highly skilled at guiding clients through every phase of estate planning and administration.