Oregon Durable Power of Attorney Form
The Oregon Durable Power of Attorney is a financial planning form used for pre-nominating a person with the permission to maintain one’s assets when they can’t on their own. Once the principal’s mental health gets to the point when they can no longer efficaciously handle their finances, the POA kicks in, giving the selected agent (attorney-in-fact) their assigned money-managing powers. Alternatively, if the principal’s health is beginning to wane at the time of signing, they can have their agen’ts powers go into effect immediately.
Any and all actions and decisions made by the attorney-in-fact have to be made solely for the principal’s benefit. However, the principal shouldn’t rely on Oregon law in order for their agent to act appropriately. Instead, they should conduct sufficient screening to ensure their agent has what it takes to perform their duties. The duties an agent is typically tasked with includes:
- Making payments to a service provider;
- Handling government-provided retirement or VA benefits;
- Selling or leasing real property; and
- Selling or purchasing investments.
Laws: §§ 127.002 to 127.045