Asset Protection Trust Attorney in Bend, Oregon
Power of Attorney Lawyer in Portland, Oregon
You might be wondering what will happen to your assets and hard-earned properties when you become seriously ill or disabled? It is essential to ensure that all your assets will be left in good hands if you suddenly become incapable of handling them. A competent Oregon power of attorney lawyer helps you ensure that your assets are safe. These assets can include:
- Bank accounts,
- Life insurance policies,
- Real estate properties,
- Retirement accounts, and
- Other types of investments.
Whether you’re preparing for your retirement years or just starting your career, it’s never too early to plan how you want your finances and assets to be handled if something happens to you. You’ll not be able to take control of your financial affairs anymore. One of the best solutions is to grant a power of attorney to someone you fully trust.
If you have doubts about making a power of attorney arrangement in advance, call us today at Michael D. O’Brien & Associates, P.C. by dialing 503-852-9047. Our reliable Portland power of attorney lawyers can help you understand what it means to grant authorization to your chosen attorney-in-fact.
What is a Power of Attorney?
A power of attorney (POA) is a document used to grant legal rights to someone who can act wisely on your behalf. If you give a Power of Attorney, you are called the principal, and the person you provide it to is called the agent or the attorney-in-fact. You may choose your spouse, adult child, sibling, family member, loved one, or close friend to be your authorized agent or attorney-in-fact to manage your financial affairs for you.
This legal document should be clear and understandable. In the power of attorney document, you must specify what powers you are giving to your agent and when those powers are to take effect. The agent can have either extensive or limited authority to make legal decisions about the principal’s property, finances, or healthcare, depending on the terms of the POA. To ensure the validity of your power of attorney, you need to sign the document while you are still mentally competent.
At Michael D. O’Brien & Associates, P.C., we have extensive experience handling power of attorney arrangements. Our credible Portland power of attorney lawyers can help simplify the process of creating this legal document. Our Portland estate planning lawyers can provide you with the best estate planning tools available to help you plan your estate. Call us at 503-852-9047 to get started today!
Requirements for Power of Attorney
If you want a power of attorney, the first thing to do is select someone you trust to handle your affairs when you become physically or mentally incapable. Then, you must decide what your agent can do on your behalf and in what circumstances.
The laws governing powers of attorney can be complicated. Therefore, it is advisable to consult an experienced Portland power of attorney lawyer to help you know and understand the applicable state laws to ensure that your power of attorney meets legal standards. In Oregon, a power of attorney needs to be written and signed in front of two witnesses and notarized.
Agreements, accounts, and other legal documents for the estate plan must be under the principal’s name (the individual who signed a power of attorney). It must specify that the individual who signs the documents acts as the attorney-in-fact for the principal. It is done by affixing the word “attorney-in-fact,” “agent,” or “POA” after the name of the agent.
Consult with a reliable Oregon power of attorney lawyer by calling 503-852-9047 today.
What Powers Does the Agent Have?
Durable Power of Attorney
A general power of attorney gives an attorney-in-fact authority in executing a wide range of actions for your best interest and benefit, such as paying bills, buying and selling property, managing bank accounts, or making investments. In Oregon, a power of attorney is durable. A “durable financial power of attorney” means that you can use this legal document to authorize someone to handle your finances and operate your business for you. However, others cannot use it to make health-related decisions on your behalf. For your agent to make medical decisions, you must sign an advance health care directive.
Powers of attorney can be a helpful way to prepare for the future, but many factors will determine the types of power of attorney you need and whether it will hold up according to your particular needs. The type of power of attorney you choose matters because it determines when such authority takes effect and when it is voided. Seeking legal advice from our competent Portland power of attorney lawyers at Michael D. O’Brien & Associates, P.C can help you determine the best type of power of attorney that will work for you.
Non-Durable Power of Attorney
For example, non-durable powers of attorney are automatically revoked if you become mentally or physically incapacitated. Therefore, you may prefer to grant your agent a durable power of attorney, which remains in effect even if you become incapacitated.
If your power of attorney isn’t durable, a court may need to designate a guardian to act on your behalf if you become incapacitated. This can be a complicated, time-consuming, and costly process for you and your loved ones, and you may not have a say about who the court will appoint to manage your affairs.
Consult with a reliable Oregon power of attorney lawyer by calling 503-852-9047 today.
Benefits of Having a Power of Attorney
A power of attorney arrangement is essential to managing your financial affairs if you unexpectedly become unable to manage things independently. If you become seriously ill or disabled, your authorized agent will take responsibility for the specific areas listed in a power of attorney.
If you do not have a power of attorney, a court-appointed person will act as your conservator and manage your finances on your behalf. However, do not expect your last will and testament to serve as a substitute for a power of attorney. A will designates the distribution of your property after death, while a POA is related to decisions made during your life.
Consult with a reliable Portland power of attorney lawyer by calling 503-852-9047 today.
Disadvantages of Having a Power of Attorney
On the other hand, a power of attorney is a private agreement. The Oregon court or government agency will not watch over your attorney-in-fact to ensure that your will is carried out properly according to your request. Aside from the known benefits of having a power of attorney, keep in mind that some businesses and government agencies like the Social Security Administration do not acknowledge powers of attorney.
To know more about the benefits and consequences of having a power of attorney, schedule a case evaluation with our knowledgeable Portland power of attorney lawyers today. We can help you ensure that your estate will be properly handled according to your wishes.
Consult with a competent Oregon power of attorney lawyer by calling 503-852-9047 today.
How Long Does a Power of Attorney Last?
Your power of attorney becomes effective as soon as you sign it. It remains valid and takes effect during your lifetime unless you decide to revoke it or if there are specific limitations mentioned in it. The legal authority of your agent ends when you die.
Under Oregon law, an individual can sign a power of attorney that becomes effective at a particular time in the future, such as when the person who signed it becomes financially incapable. However, getting proof that the person has become economically incapable can be challenging. Some government agencies and businesses may be hesitant to rely on a determination of financial incapability.
In addition, you have the legal right to change, revoke, or amend your power of attorney as long as you are not mentally incompetent. Talk to our Portland power of attorney lawyer today for legal help in changing your power of attorney. Any modifications made to your document must be immediately relayed to all the parties involved. If you do not provide notice, the parties will follow the old power of attorney, and the agent’s actions can bind you.
Consult with an experienced Portland power of attorney lawyer by calling 503-852-9047 today.
Consult Our Portland Power of Attorney Lawyer Today!
Estate planning may seem overwhelming and complicated at first, but our Portland estate planning law firm is here to help. Be cautious when you authorize someone to make financial decisions for you. Choosing someone to hold your legal power of attorney ensures that you have a plan in place for administering your financial and personal affairs if you are ever unable to do so. This gives you more control over how that process will be handled should the need ever arise.
For legal advice, do not hesitate to consult with our qualified Portland power of attorney lawyers at Michael D. O’Brien & Associates, P.C. We have extensive experience in estate planning and power of attorney arrangements. Our Portland estate planning law firm can help you protect your assets and draft your wills and trusts. Call us at 503-852-9047 to schedule a case evaluation today!