Powers of Attorney Lawyer in Albany, Oregon
Getting your affairs in order and planning for an uncertain future can never be overemphasized. Power of attorney (POA) remains a vital estate planning tool that allows you to authorize a trusted person to act on your behalf in certain legal, financial, property, and health matters – when you're unable to. However, many people are hesitant to create a POA. According to a 2018 Merrill – Age Wave study, only about 33% of Americans aged 55 years and over have a durable power of attorney.
If you're considering estate planning or need clear guidance when drafting your power of attorney document, consulting with an adept Oregon estate planning attorney is crucial. At Felling & Reid, LLC, we're devoted to presenting loyal advocacy and knowledgeable legal counsel to clients in estate planning matters, including wills, trusts, powers of attorney, and advance healthcare directives. Our team can direct you through the legal process involved in establishing your powers of attorney and help you navigate intelligent decisions.
Felling & Reid, LLC is proud to serve clients across Albany, Oregon, and surrounding areas throughout Benton, Polk, Linn, Marion, and Lincoln counties.
What is a Power of Attorney?
A power of attorney (POA) is a written document that allows you (the principal) to designate certain legal powers and authority to another trusted person (an agent or attorney-in-fact) to act on your behalf in specific matters. According to Oregon law – Oregon Administrative Rules Rule 459-050-0310:
"Power of Attorney document means a written document expressly granting legal authority to another named individual(s) or agent(s) to act on behalf of and to manage some or all financial matters in the name of the individual creating the power of attorney under the terms and conditions set forth in the document."
Why Are They Important?
Having power of attorney as part of your estate plan is crucial because it allows you to:
Name a reliable and trustworthy person to help manage your financial, property, and medical affairs;
Eliminate the need for a court-appointed legal guardian or conservator;
Keep your affairs and decision-making private;
Reduce or eliminate delay when making decisions or performing urgent tasks;
Discuss your desires and wishes with loved ones;
Allow your agent to contact other agencies to obtain relevant information about you or provide services to you;
Eliminate possible doubts or questions about your intentions;
Achieve peace of mind.
A qualified estate planning attorney can familiarize you with the different types of powers of attorney and determine the right choice for your unique situation.
Types of Powers of Attorney
Different kinds of powers of attorney are recognized in the state of Oregon. Here are some of them:
Financial Power of Attorney
A financial power of attorney allows you to choose an agent who will handle your business or financial matters.
Medical Power of Attorney
A medical power of attorney allows you to choose an attorney-in-fact who will make medical decisions on your behalf when you're unable to.
Under Oregon law, both the medical POA and financial POA are considered durable POAs. This means that the power of attorney will remain effective even when the principal becomes incapacitated.
Considerations When Choosing a Power of Attorney
When choosing your agent or attorney-in-fact:
Consider your relationship with the person.
Choose someone who is dependable and trustworthy.
Consider conflict of interests.
Choose a person who can make prompt and intelligent decisions when under strenuous circumstances.
Choose someone who knows your intentions.
Choose someone who will prioritize your wishes and best interests.
Consider the person's willingness to serve.
Consider proximity to your location.
An Oregon powers of attorney lawyer can assess your personal needs and work intelligently with you to make sure you select an attorney-in-fact who will put your needs first.
Work With a Knowledgeable
Estate Planning Attorney
Planning for future uncertainties can never be too early. Should you become incapacitated, critically ill, unable, or otherwise unavailable to make vital decisions by yourself, you can have the peace of mind and self-assurance that a reliable person will help make decisions regarding your life choices, financial, property, legal, and health affairs. A knowledgeable estate planning attorney can assess your personal needs and help you make informed decisions.
At Felling & Reid, LLC, we have the diligence, resources, and mastery to advise and guide individuals and families through the complex procedures involved in drafting powers of attorney. Our proficient attorneys, Timothy Felling and Tyler Reid, can educate you about the benefits of POA and help you choose an agent that will represent your best interests and exact wishes.
Powers of Attorney Lawyer in Albany, Oregon
If you need proper advice when choosing a power of attorney, contact Felling & Reid, LLC today to schedule a simple consultation. Our depended lawyers, Timothy Felling and Tyler Reid, can show you the thoughtful advocacy and precise legal guidance you need. We proudly serve clients across Albany, Oregon, and surrounding areas throughout Benton, Polk, Linn, Marion, and Lincoln counties.