Colorado Code
Part 7 - Uniform Power of Attorney Act
§ 15-14-740. Gifts

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 410, § 1, effective April 9. L. 2011: (2) amended, (SB 11-083), ch. 101, p. 311, § 23, effective August 10.
This section provides default limitations on an agent's authority to make a gift of the principal's property. Authority to make a gift must be made by a specific grant in a power of attorney ( see Section 15-14-724(1)(b); see also Section 15-14-741). The mere granting to an agent of authority to make gifts does not, however, grant an agent unlimited authority. The agent's authority is subject to this section unless enlarged or further limited by an express modification in the power of attorney. Without modification, the authority of an agent under this section is limited to gifts in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion, or twice that amount if the principal and the principal's spouse consent to make a split gift.
Subsection (1) of this section clarifies the fact that a gift includes not only outright gifts, but also gifts for the benefit of a person. Subsection (1) provides examples of gifts made for the benefit of a person, but these examples are not intended to be exclusive.
Subsection (3) emphasizes that exercise of authority to make a gift, as with exercise of all authority under a power of attorney, must be consistent with the principal's objectives. If these objectives are not known, then gifts must be consistent with the principal's best interest based on all relevant factors. Subsection (3) provides examples of factors relevant to the principal's best interest, but these examples are illustrative rather than exclusive.
To the extent that a principal's objectives with respect to the making of gifts may potentially conflict with an agent's default duties under the Act, the principal should carefully consider stating those objectives in the power of attorney, or altering the default rules to accommodate the objectives, or both. See Section 15-14-714 Comment.

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