An Oregon durable power of attorney form allows an individual to designate a reliable and trusted person as their agent to manage their financial matters for their benefit. The form remains legally valid until the principal’s death unless revoked.
Laws
In Oregon, power of attorney forms are durable by default.
- Relevant Laws: §§ 127.002 — 127.045.
- Presumed Durable: Yes. § 127.005(1)(c).
- Signing: The principal must sign the form. (ORS 127.005(1).
- Notarization: No requirements, although banks and other institutions might require the form to be notarized or witnessed.
- Statutory Form: No.
Definitions
Durable – “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” (ORS 127.005(4)).
Power of Attorney – “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”.
Specific Powers and Limitations
Restrictions on Gifts and Transfers in Oregon
Types of Gifts:
- Personal Gifts: Agents can make customary gifts for occasions like birthdays and holidays, provided these gifts are of reasonable value in light of the principal’s financial situation. The specific criteria for what constitutes a “reasonable value” can depend on the principal’s assets and usual spending patterns.
- Charitable Donations: The agent is generally allowed to continue the principal’s pattern of charitable giving, provided these donations are consistent with the principal’s past practices and do not adversely impact the principal’s financial security.
Considerations:
- The substantiality of the gift relative to the principal’s assets.
- The principal’s documented wishes or known intentions.
- Impact on the principal’s financial well-being and quality of life.
- Avoidance of conflicts of interest, where the agent must not benefit personally from their decisions.
Agent’s Authority Limitations
The agent’s authority in Oregon is circumscribed by several factors:
- Scope of the DPOA: The DPOA document should clearly outline the agent’s powers, imposing implicit limitations on actions not explicitly authorized within the document.
- Fiduciary Duty: The agent owes a fiduciary duty to the principal, mandating actions in the principal’s best interest and restricting actions that would benefit the agent at the principal’s expense.
- Legal and Ethical Boundaries: Actions that contravene established legal principles or public policy are prohibited, regardless of the DPOA’s stipulations.
Revocation and Termination
As per per ORS § 127.015, the power of attorney ends when:
- The Principal dies.
- A court appoints a conservator or guardian for the Principal, affecting their property, unless the court decides the power of attorney remains valid.
- The Principal revokes the power of attorney.
- The Principal revokes the Agent’s authority, or the Agent dies, becomes incapacitated, or resigns, without a replacement Agent designated.
An Agent’s authority ends when:
- The Principal revokes the authority.
- The Agent dies, becomes incapacitated, or resigns.
- Legal actions like dissolution, annulment, or separation from the Principal occur, unless stated otherwise in the power of attorney.
- The power of attorney itself terminates.
The Agent’s authority is valid until it officially ends, despite any time passed since the power of attorney was executed. Termination of the Agent’s authority or the power of attorney does not affect the validity of actions taken in good faith by the Agent or others without knowledge of the termination. Such actions bind the Principal and their successors.
Safekeeping and Registration
Oregon does not mandate a state-wide registry for DPOAs, emphasizing the importance of secure storage and distribution of copies to relevant parties, such as financial institutions, the named agent, and possibly the county recorder’s office for additional public notice.
Additional Resources
- State Bar Association Website: Offers resources, articles, and guides on DPOAs and related matters.
- Oregon Judicial Branch Website: A source for information related to legal procedures and documents.
Related Forms
Advance Directive
Signing Requirements: Two witnesses or a notary public. (§ 127.515(2)(b)).
Medical Power of Attorney
Signing Requirements: Two witnesses or a notary public. (§ 127.515(2)(b)).
