Legal Question in Wills and Trusts in Colorado
Duration of Power of Attorney
How long is a General Power of Attorney valid in the State of Colorado. I was told that one filed six years ago is ''too old''. Isn't it valid until a revocation is filed?
1 Answer from Attorneys
Re: Duration of Power of Attorney
The Power of Attorney is valid for the duration specified in the document. However, there is an age staleness issue with Powers of Attorney. Many institutions refuse older ones, even though there is no legal reason that an older Power of Attorney would be invalid.
Their position is based on protecting their institution from litigation. They believe that they should verify the Principal's wishes by having either a new Power of Attorney or an Affidavit from the Principal verifying the terms of the older document. This can create difficulty if the Principal is already disabled.
To resolve these problems, we recommend that our clients update their Powers of Attorney every five years.
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