If you are serving as an agent under a Power of Attorney (POA), keep an agent record of your actions. In Colorado, the statutory POA provided in the law includes instructions regarding the agent’s duties.
When you accept the authority granted under a POA, you have legal duties that continue until you resign, or the POA is terminated or revoked.
Duty of Loyalty
You must act according to the terms of the POA, loyally, in the best interest of the principal, and in good faith, using reasonable care, competence, and diligence. You should not exceed the authority granted by the POA and must sign documents in your capacity as the agent or attorney-in-fact for the principal.
Conflict of Interest
You must avoid conflicts of interest that would impair your ability to perform your duties, cooperate with any person that has the authority to make health care decisions for the principal, and attempt to preserve the principal’s estate plan.
You must follow any special instructions in the POA, and stop acting as an agent when your authority terminates due to the death of the principal, revocation of the POA, a terminating event stated in the POA, or the purpose of the POA has been fully accomplished.
If you violate the Uniform Power of Attorney Act (UPOAA) or act outside of your authority as an agent, you may be held liable for any damages caused by your violation.
Keep an agent record of all receipts, disbursements, and transactions made on behalf of the principal. Keep a record of your phone calls, correspondence, meetings, documents processed, travel and actions taken as an agent.
In addition to keeping individual records, it is useful to keep an agent record book or log that shows all of your actions, so that you do not forget to perform a duty, and so that another person can see what you have done. This can be very useful to show to the principal, or a designated monitor, or to show to a successor agent if you need to resign as the primary agent and let a secondary agent take over.
A free sample PDF version of a POA agent record book form is available at Power of Attorney Agent Record Book.
Contact an attorney for legal advice.