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An Oregon power of attorney is a legal form that acts as the authorization for an individual, known as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting the authority. An Oregon POA is often used for estate planning. However, there are also other instances where it is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or attorney in fact.
An Oregon power of attorney is a power of attorney form must comply with Chapter 127 of Oregon’s statutes. These laws specifically outline the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the key points that outline the state’s power of attorney provisions:
The principal may specifically designate which powers that an agent does or doesn’t have. Additionally, the principal may also revoke a power of attorney. According to the Oregon State Bar, a power of attorney is terminated when:
There are several reasons why someone would use an Oregon power of attorney form to give someone the authority to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s need for a power of attorney may vary. Thankfully, there are several types of power of attorney documents. Before you decide to use a power of attorney, you should seek legal advice. Ask about the best POA to suit your needs and how to revoke a power of attorney if it becomes necessary. Here are a few of the most common.
General Power of Attorney
A general power of attorney grants an agent the authority to handle financial matters on behalf of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make important health care decisions on the principal’s behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the event that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent allowing them to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Oregon Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Oregon Department of Motor Vehicles on the principal’s behalf.
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