In a well thought out Colorado estate plan, you should consider a power of attorney. A power of attorney, defined by Investopedia, is a legal document where you designate an agent to act on your behalf. This person will make decisions for you in specific matters or in all matters, dependent on the circumstances. If you face incapacitation, it would trigger your POA. The POA can handle your affairs, make financial decisions, medical decisions and more.
There are a number of reasons to designate a power of attorney. Military service members may designate a POA before deployment, in case anything happens. Those in retirement age, who may face a health crisis designate a POA in case something were to happen.
It is never the wrong time to designate a POA. You never know what the future holds. If you are young and unmarried, you may have no one to handle your financial or medical affairs if anything were to happen to you. As you age, you are more likely to face illnesses that may incapacitate you. It is always best to consider a power of attorney when you are in good health and of sound mind.
If you do not have a POA and you can no longer handle your affairs, then you are subject to the court’s decision. Your family cannot designate a POA for you. Instead, the court appoints a guardian. No one has control over who this is. In addition, this is a more expensive and public affair.
The above information is meant to inform on choosing a power of attorney. It is not legal advice.