Powers of Attorney in Oregon

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Powers of Attorney in Oregon
Questions Answers and Practical Issues
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What is a power of attorney?
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Powers of attorney are very useful estate
planning documents, but many people dont
understand what they are.
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DOCUMENT Powers of attorney are legal documents
that must meet state requirements.
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AUTHORITY The document gives someone else the
ability to make decisions for you.
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What can you do with a power of attorney?
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Powers of attorney are useful in part because
they are so flexible. You can use these documents
for a variety of purposes.
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You can allow someone to
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Manage your financial affairs.
You can allow someone to
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Engage in real estate transactions on your behalf
Manage your financial affairs.
You can allow someone to
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Engage in real estate transactions on your behalf
Care for your children while you are on vacation
Manage your financial affairs.
You can allow someone to
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Engage in real estate transactions on your behalf
Care for your children while you are on vacation
Manage your financial affairs.
You can allow someone to
Communicate your health care wishes with your
physicians
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Engage in real estate transactions on your behalf
Care for your children while you are on vacation
Manage your financial affairs.
You can allow someone to
Communicate your health care wishes with your
physicians
and more!
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How Do You Make Them?
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It must meet specific requirements
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• Be made in writing

It must meet specific requirements
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• Be made in writing

It must meet specific requirements

• Signed by you

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• Be made in writing

It must meet specific requirements

• Signed by you

State the powers granted
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• Be made in writing

It must meet specific requirements

• Signed by you

State the name of the agent or attorney-in-fact
State the powers granted
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• Powers Under a POA
• You can give your agent as much or as little of
  your authority as you wish.

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In general, powers of attorney are categorized
into two different types depending on the powers
you grant.
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Limited Powers
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Limited powers give an agent the ability to
perform a specific task, or a limited number of
tasks.
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They can also grant the agent the power to act in
a limited amount of time, or under certain
conditions.
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2
General Powers
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An agent with general powers can do anything you
are legally entitled to do, though there are some
limitations. General powers grant as much power
to the agent as legally possible.
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What is a Principal?
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The person who creates the power of attorney is
known as the principal.
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In order to become a principal, you must
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Be an adult.
You cannot create a power of attorney unless you
are at least 18 years old.
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Be of sound mind.
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Legally capable of making decisions
Be of sound mind.
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Legally capable of making decisions
Have not been declared incompetent by a court
Be of sound mind.
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Not suffering from a medical condition that
affects their cognitive or decision-making
abilities
Legally capable of making decisions
Have not been declared incompetent by a court
Be of sound mind.
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As a principal you maintain the right to revoke
any powers you create and are never obligated to
create a POA.
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Revocation. When you create a power of
attorney you appoint someone who acts in your
interests.
That person, the agent, is someone you can fire
at any time by revoking the power of attorney.
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Automatic Revocation. Powers of attorney
automatically end when you, the principal, lose
your ability to revoke them. If you become
incapacitated, for example, any powers you have
created will automatically terminate.
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Attorney-in-fact
Your Agent
Not obligatory
Any willing individual
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No Lawyer Required.
You do not have to choose a lawyer to serve as
your agent, nor does your agent have the right to
practice law.
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Person or Organization
Agents are often people, but they can also be
organizations.
For example, you might appoint your bank as your
agent in some situations where you need to engage
in financial transactions.
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Alternates
When you create your power of attorney you can
choose alternate agents if your first selection
becomes unable to fulfill his or her duties.
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Capable Adult
Children cannot be agents, and you must select a
capable adult. Further, you cannot force anyone
to become your agent and must ask that person if
he or she wishes to serve in that role.
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Durable, Non-Durable, and Springing Powers
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Durability
Powers of attorney automatically end if you
should become incapacitated. However, there is
one key exception to this general rule. If you
create a durable power of attorney your agent can
still act even after you lose the ability to
revoke the POA.
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• Continued
• Representation

Durability
Durable power allows you to appoint someone who
will not only be able to act on your behalf now,
but also in the event an emergency situation
arises and you become incapacitated.
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• Continued
• Representation

Durability

• Revocation

Because an agent can continue to serve after you
are incapacitated, this means that you can only
terminate the powers if you regain your ability
to make choices.
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Contingent Powers
Gives your agent the ability to act only after
certain circumstances arise.
Springing Power of Attorney
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Conditions
You can create a springing power that takes
effect only after certain events take place, such
as you becoming incapacitated.
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Termination
Like all other powers, you retain the ability to
terminate a springing power whenever you like as
long as youre still capable.
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2 Commonly Created Powers
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Financial POA
Manage your bank accounts
Allows someone else to control your money or
enter into contracts on your behalf
Buy or sell real estate
Manage your business
File and pay your taxes
Buy and sell stocks or other investments
and more.
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Health Care POA
Health care powers of attorney are also known as
advance medical directives. They give you the
ability to appoint someone who can make medical
decisions for you.
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Agents You can select a primary agent and a
backup if the first cannot serve.
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Agents You can select a primary agent and a
backup if the first cannot serve.
Witness Your POA should be signed by two
witnesses, neither of whom should be the agent.
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Useful Only When You Have Them
Many people only use powers of attorney for
emergency situations, while others use them in
their day-to-day lives. But, you have to make
them now while you still have the opportunity.
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You can always make a POA now and make
modifications later should you choose.
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• Courts
• If you dont make a power of attorney now and you
  become incapacitated, an Oregon court will have
  to appoint someone to manage your affairs on your
  behalf, which can be very costly, especially if
  your family fights over who the court should
  appoint.

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