A financial power of attorney (POA) is a legal document that allows someone else to manage your finances if you cannot do so yourself. In Oregon, this can be a helpful tool for both short-term and long-term planning. It allows someone you trust to handle your financial affairs when you are unavailable or incapacitated.
Below are some key factors to consider.
Types of financial power of attorney in Oregon
There are two main types of financial POA in Oregon:
- General (or durable) power of attorney: This gives the agent broad authority to manage your finances. It remains valid even if you become incapacitated.
- Limited power of attorney: This gives the agent authority to act only in specific situations or for a set period. For example, if you’re out of the country and need someone to handle a property sale.
Unless the document says otherwise, most financial POAs in Oregon are considered “durable,” meaning they stay in effect if you lose the ability to make decisions.
Duties and responsibilities of the agent
The person you name in your POA is called the “agent” or “attorney-in-fact.” Under Oregon law, your agent has a fiduciary duty to act in your best interest. This means they must manage your money carefully, avoid conflicts of interest and keep your finances separate from their own.
A financial POA helps avoid the need for a court-appointed guardian if you become unable to manage your money. It gives you control over who will make decisions and how they will act. It also makes things easier for your loved ones during difficult periods.
To be valid in Oregon, A POA must be signed and notarized. Seeking legal guidance will help ensure you have the appropriate documents in place.