Power of Attorney
Establishing Power of Attorney in Oregon
Power of attorney is a legal phrase that many people know, but is commonly misunderstood. In Oregon, courts allow an individual to create a power of attorney legal document granting one or more agents the authority to act on their behalf. The person signing a power of attorney in Central Oregon is called the “principal”. As the principal, you may have a power of attorney created for a number of reasons, from finance to medical, or for business reasons. You can designate power of attorney on a general basis or limit the powers of your chosen agent to certain types of transactions and matters.
When to Draft Power of Attorney
Oregon law allows you to draft a power of attorney that becomes effective in the case of a certain event, such as when you become unable to manage your financial affairs. This is called a “springing” power of attorney, as it springs into effect. A power of attorney that doesn’t include a precondition to becoming effective is operable immediately with the principal’s signature. Unlike a conservatorship/guardianship, powers of attorney are drafted by the principal themselves as part of the estate planning process and are the main vehicle for avoiding the necessity of conservatorships and/or guardianships.
Can a Power of Attorney Be Terminated?
Power of attorney in Oregon is long-lasting, meaning that once they become operative they continue to be in effect until the principal’s death or until revoked by the principal by an act of revocation. If, as the principal, you don’t want powers of attorney to be durable, or indefinite, this language must be included in the document restricting the authority of document in the manner you desire.
Power of Attorney in Central Oregon
Collin Edmonds helps individuals and families all across rural Central Oregon establish power of attorney in order to protect their financial interests and their personal well-being. The benefit of having a powers of attorney document is that someone of your choosing will have the ability to make decisions for you should you become unable to do so for yourself. Without this document, if you were to become incapacitated, the court would apoint someone to make decisions for you.
Contact Collin T. Edmonds to learn more about establishing power of attorney in Central Oregon.