Durable Power of Attorney in Oregon

By Holly Cameron

A power of attorney allows you to transfer control of some or all of your affairs to another, trusted person, for either a fixed or an indefinite period of time. Durable powers of attorney usually cover financial affairs such as operating bank accounts and paying bills. Legal terminology designates the individual signing the power of attorney as the “principal” and the person who acts on his behalf as the “agent” or the “attorney-in-fact.” Chapter 127 of the Oregon Revised Statutes sets out the legal provisions for residents of the state.

Operation of a Power of Attorney

A durable power of attorney has no fixed time period and therefore continues in force indefinitely, even if the person who signed it becomes mentally incapacitated. The law assumes that a power of attorney is durable if it does not specify an end date. According to Chapter 127.005 of the Oregon Revised Statutes, a power of attorney becomes effective as soon as it is signed, unless it states that it shall not come into force until a later date or the occurrence of a specified event.

Specific and General Powers of Attorney

If you sign a specific power of attorney, you give the agent the power to do one or more stated tasks: for example, operating a single bank account or completing tax forms. A general power of attorney can cover all of your financial affairs and gives the agent a wide power to carry out business on your behalf.

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Powers of the Agent

You should set out the tasks to be carried out by the agent in the power-of- attorney document. Oregon does not have a statutory form of durable power of attorney, but you can obtain standard power-of-attorney forms from banks or financial institutions. If you have complex requirements, it's best to consult a lawyer regarding the exact wording to fulfill your individual needs. According to Chapter 127.045 of the Oregon Revised Statutes, an agent must use the principal’s property only for the principal’s benefit.

Revoking a Durable Power of Attorney

Although a durable power of attorney continues in force indefinitely, the principal can revoke it at any time by means of a written revocation, provided he is mentally competent to do so. The revocation should include a statement testifying that the principal is of sound mind and must refer to the original power of attorney. It should be signed by the principal. All powers of attorney end automatically when the principal dies.

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Power of Attorney Laws in South Carolina

References

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Can a Power of Attorney Be Non-Durable & Non-Revocable at the Same Time?

A power of attorney, or POA, is a legal document that grants another person the authority to manage finances on your behalf. The person granting the authority is known as the principal while the agent, or attorney-in-fact, acts on behalf of the principal. The principal may give the agent power to perform only specific tasks, such as filing taxes, or grant broad authority to take care of all of the principal's financial matters. Because non-revocable POAs are generally reserved for business circumstances, personal POAs are rarely non-revocable.

Guidelines for Assuming Power of Attorney

Becoming an agent through a power of attorney is an important undertaking since it involves managing the affairs of another person. Several considerations must be taken into account by the principal when drafting a POA and limiting the actions an agent may take, including designating the triggering event for when the agent takes over the principal's affairs, the breadth of the agent's authority, and under what circumstances the agent's powers terminate.

North Dakota Power of Attorney Laws

In North Dakota, you have the option of creating a power of attorney, or POA, to give another person the authority to act on your behalf when it comes to financial matters. These financial matters could include anything from that can access your bank accounts, who can pay bills or who can purchase or sell property. Under North Dakota law, the authority you grant may be as broad or as specific as you like, and you always have the option of revoking this authority at any time.

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