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The Oregon Durable (Financial) Power of Attorney procures a written assignment to essentially permit another person to handle designated areas of the principal party’s property, tax, and/or legal matters. A “durable” contract provides additional coverage of the arrangement to extend beyond the potential incapacitation of the declarant. This stipulated clause allows the sustained acquirement of powers to remain in effect if the principal becomes mentally or physically unable to communicate for themselves. Filing the agreement will assist in ensuring recorded preference of the desired attorney-in-fact should an unforeseen event occur. Registering the bestowed controls on an as-needed basis to the agent of their choice can be identified by initialing beside the corresponding categories presented. The indicated date of commencement for the rights to be received can also be issued upon a selected date or upon the declarant’s incapacity.

Laws

Statute – Oregon Revised Statutes Title 13, Chapter 127 – Powers of Attorney (127.002 – 127.045)

Definitions – “When a principal designates another person as an agent by a power of attorney in writing, and the power of attorney does not contain words that otherwise delay or limit the period of time of its effectiveness:

(a) The power of attorney becomes effective when executed and remains in effect until the power is revoked by the principal;

(b) The powers of the agent are unaffected by the passage of time; and

(c) The powers of the agent are exercisable by the agent on behalf of the principal even though the principal becomes financially incapable”

(§ 127.005(1)).

Signing Requirements – Acknowledgement not specified within state legislation, although it is suggested to have a commissioned notary on-site to witness the event.