What is a power of attorney in Oregon?
What is the power of Attorney here in Oregon? A power of attorney is delegating authority to another party in order to transact business in some way, shape or form on your behalf. If you've ever purchased a new car from a dealership and they've mailed you your plates, you've signed a power of attorney. You've allowed that dealership the ability to go out and get those plates and negotiate with the DMV so they could then send them to you. Generally, you see a power of attorney in the form of a durable power of attorney that allows someone to take control of your finances when you're incapacitated.
You could also have a power of attorney for real estate transactions or any manner of items where you want to delegate authority for someone else to be able to transact business on your behalf. Power of attorney is specifically a durable power of attorney is a very important estate planning document because as someone is in their final days, somebody needs to make mortgage payments, they need to maybe file tax returns, they need to make utility payments in order to allow people to continue with their financial dealings as they progress through this item. Generally, a durable power of attorney comes up when we're drafting Wills or trusts or estates, but it is an important tool in order to have in order to allow you to continue your financial wellbeing, if you're incapacitated.