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Power
of attorney
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"My
mother is very independent, but she also understands that
there are times when she is unable to go to the bank herself.
To make things easier, she gave my sister Power of Attorney.
Mom is still able to make her own decisions, but this
makes it more convenient when things come up and Mom is
physically too weak to handle them on her own."
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You
can give another person the legal authority to take care of
some or all of your financial affairs for you by signing a legal
document called a "Power of Attorney." A power of
attorney may be useful to you if you are physically unable to
take care of some of your business yourself. For example, if
you are unable to go to your bank, you can use a power of attorney
to allow someone else to do your banking for you. A power of
attorney may also be useful in planning for the possibility
of a long-term illness. For example, you can sign a power of
attorney now that can allow someone else to handle your finances
later on if you become ill and cannot continue to take care
of your own affairs.
Within a power of attorney, you
can grant a broad range of authority to the person you name
to act for you, or, you can limit the authority you give. You
can specify that the power of attorney shall take effect immediately
or at some future date. You do not need to have a power of attorney
witnessed. You must have your signature notarized if you intend
to use the power of attorney to allow the person you name to
transfer title to real property for you, in which case you must
also file it with the Deeds and Records office at the Lane County
Courthouse.
You must be mentally competent
at the time you sign the power of attorney. If you sign a power
of attorney while you are competent, the authority you give
can continue in effect even if you later become incompetent.
The authority given by a power of attorney ends at death, so
you cannot use it as a substitute for a will.
You do not give up the right to
take care of your own financial affairs by signing a power of
attorney. You can end, or revoke, the authority you have given
under a power of attorney at any time. To revoke your power
of attorney, you should notify in writing the person you named
to act for you, and you should send copies of your written revocation
to anyone with whom the person you named did business for you,
such as your bank. If you filed your power of attorney with
Deeds and Records, you should file a copy of your written revocation
with that office as well.
Be sure you can trust the person
you name to act for you. If you are not sure if signing a power
of attorney is a good idea, or if you have some misgivings about
the person you have in mind, don’t do it. In every case,
it is a good idea to get advice from an attorney before you
sign a power of attorney.
You can get a power of attorney
form at any stationary store. The authority given in that document
takes effect immediately and continues indefinitely, until such
time as it is revoked.
This "Power of Attorney" article is a Peace
Health publication and is being used with permission.
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