Signing Requirements
The principal is the only person required to sign the form, though banks and other financial institutions may require the form to be notarized or witnessed.[1]
Powers Granted
Though the State of Oregon does not specifically define the type of power that can be conveyed in a power of attorney, a principal typically may grant an agent the power to do any legal act that the principal can do through an agent. This can include the power to made decisions about things like:
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
“Durable” Definition
The Oregon Revised Statutes do not use the term “durable,” but state that “all acts done by an agent under a power of attorney during a period in which the principal is financially incapable have the same effect, and inure to the benefit of and bind the principal, as though the principal were not financially incapable”.[2]
“Power of Attorney” Definition
The Oregon Revised Statutes mostly use the term “attorney-in-fact,” which means an adult validly appointed under ORS 127.540, 127.700 to 127.737 and 426.385 to make mental health treatment decisions for a principal under a declaration for mental health treatment and also means an alternative attorney-in-fact.
Revocation
The authority of an agent under a power of attorney terminates upon the occurrence of any of the following:[3]
- The principal dies;
- The principal or the court revokes the power of attorney;
- The agent dies, becomes financially incapable or incapacitated or resigns;
- The power of attorney by its terms provides that the power of attorney terminates; or
- The agent and principal become divorced.
Additionally, the principal may amend or revoke a power of attorney at any time before their death or incapacity.