One important Oregon estate planning document is a durable power of attorney, or POA.
What is a POA?
In Oregon, your POA document gives another individual the authority to make financial and legal decisions for you if you become incapacitated and cannot make decisions for yourself. This document is “durable” because the authority persists even after your mental incapacitation.
Why it’s important to keep your POA up to date
Choosing the right power of attorney is critical to preserve your estate and ensure that your best interests are cared for. However, just because one individual makes sense as your power of attorney at one point does not mean that they will continue to be the right choice. It is a good idea to revisit your power of attorney on a regular basis and consider whether your power of attorney might be outdated.
When are some times you want to review your Oregon Power of Attorney? Here are a few examples:
You get divorced
If you get divorced and your ex-spouse is your power of attorney, you will likely want to choose another person. In fact, you should update this document if you are separated or are certain divorce is on the horizon. Do not assume that a divorce will automatically withdraw a power of attorney designation: It will not.
Your POA passes away
If your power of attorney passes away, you want to designate someone new as soon as possible. While you may be dealing with grief, you do not want to risk illness or injury without a valid power of attorney.
Your relationship changes
Sometimes, you may simply see another side of someone that causes you to rethink your decision. Maybe a sibling begins making irresponsible decisions, or you and a close friend grow apart. Your reasons for changing your power of attorney can be highly personal.
Consult with an Estate Planning Lawyer in Eugene for More Information
At Willamette NW Law Firm, we help draft initial power of attorney documents, as well as review and update your estate plan when needed. Call 541.246.8752 or contact us online for a consultation with your Eugene estate planning attorney.