Powers of attorney are among the most critical documents in a comprehensive estate plan, yet they are often overlooked or misunderstood. These legal instruments allow you to designate someone you trust to make decisions on your behalf if you become unable to do so.
At Leahy Cox, LLP, our Springfield estate planning attorneys understand the nuances of Oregon power of attorney law. We help clients throughout Springfield and Eugene create customized documents that provide protection and peace of mind.
Why You Should Have Powers Of Attorney
Many people believe estate planning only addresses what happens after death, but proper planning also provides protection during your lifetime. Powers of attorney are vital for several reasons:
- They allow trusted individuals to make time-sensitive decisions when you cannot
- They help avoid costly and stressful guardianship proceedings in court
- They provide clarity to family members during difficult times
- They help ensure your wishes are followed regarding health care and finances
- They can be customized to reflect your specific needs and preferences
Creating these documents with an attorney’s guidance better ensures they meet legal requirements and truly accomplish your goals. Online templates often fail to address state-specific laws or your unique circumstances.
Types Of Powers Of Attorney
Understanding the different types of powers of attorney, including:
- Financial power of attorney
- Medical power of attorney
- Limited power of attorney
- Durable power of attorney
Each of these documents plays an important role in a comprehensive estate plan, working together to provide complete protection for your affairs during challenging times.
How Long Does A Power Of Attorney Last?
Powers of attorney can be temporary for a specific timeframe or purpose or durable, continuing through incapacity. In Oregon, most powers of attorney terminate upon the principal’s death unless specifically designed to terminate earlier.
Benefits Of Having Powers Of Attorney
Establishing proper powers of attorney provides numerous advantages such as:
- Protection from financial exploitation during periods of vulnerability
- Continuity in bill payment and financial management during illness
- Medical decisions that honor your values and preferences
- Reduced family conflict during stressful situations
- Avoidance of costly and public court proceedings
Without these documents in place, your loved ones may need to petition the court for guardianship or conservatorship.
Contact Our Springfield Estate Planning Attorneys
Call us at 541-746-9621 or providing the information below to discuss scheduling an initial consultation.