powers of attorney in oregon - questions, answers and practical issues
DESCRIPTION
Questions, answers and practical issues one must be aware of about powers of attorney in Oregon.TRANSCRIPT
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Powersof Attorney
in OregonQuestionsAnswers
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 don’t 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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You can allow
someone to:
Manage your
financial affairs.
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You can allow
someone to:
Manage your financi
al affairs.
Engage in real estate transactions on your
behalf
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You can allow
someone to:
Manage your financi
al affairs.
Engage in real estate transactions on your
behalfCare for
your children
while you are on
vacation
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Communicate your
health care wishes with
your physicians
You can allow
someone to:
Manage your financi
al affairs.
Engage in real estate transactions on your
behalfCare for
your children
while you are on
vacation
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…and more!
You can allow
someone to:
Manage your financi
al affairs.
Engage in real estate transactions on your
behalfCare for
your children
while you are on
vacation
Communicate your
health care wishes with
your physicians
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How Do You Make Them?
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It must meet
specific requiremen
ts
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Be made in writing
It must meet
specific requiremen
ts
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Signed by you
Be made in writing
It must meet
specific requiremen
ts
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State the
powers granted
Signed by you
Be made in writing
It must meet
specific requiremen
ts
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State the name of
the agent or
attorney-in-fact
Signed by you
Be made in writing
It must meet
specific requiremen
ts
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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1
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 soun
d mind
.
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Be of soun
d mind
.
Legally capable
of making decision
s
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Have not been
declared incompetent by a
court
Be of soun
d mind
.
Legally capable
of making decision
s
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Not suffering from a
medical condition
that affects their
cognitive or decision-making abilities
Have not been
declared incompetent by a
court
Be of soun
d mind
.
Legally capable
of making decision
s
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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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Your Agen
t
Attorney-in-fact
Not obligator
yAny
willing individu
al
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You do not have to choose a lawyer to serve as your agent, nor does your agent have the right to practice law.
No Lawyer Required.
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Person or OrganizationAgents 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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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.
ContinuedRepresentatio
nDurabilit
y
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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.
Revocation
ContinuedRepresentatio
nDurabilit
y
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Contingent Powers
Springing Power of Attorney
Gives your agent the
ability to act only after
certain circumstances
arise.
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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 you’re still capable.
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2 Commonly Created Powers
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Financial POA
Allows someone else to
control your money or enter into
contracts on your behalf
Buy or sell real
estate
Manage your bank
accounts
Manage your
business
…and
more.
File and pay your taxes
Buy and sell stocks or other
investments
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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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AgentsYou can select a primary
agent and a backup if the first cannot
serve.
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WitnessYour POA should be
signed by two witnesses, neither of
whom should be the agent.
AgentsYou can select a primary
agent and a backup if the first cannot
serve.
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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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CourtsIf you don’t 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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