durable power of attorney for finances washington state

The lawyer can help you decide what is needed. For this reason, it is advisable to speak to a lawyer if you plan to sign a power of attorney.

Dishonest people may use this type of document to get control of your money or property. In addition, a power of attorney can be abused. A printed form may include too much power or too little power, depending on your individual circumstances. Also, that person will have no authority to act in any areas not listed. It is important to understand that the agent named in the power of attorney can make decisions with serious financial consequences in all the areas listed in the document. Without a lawyer’s advice, it can be risky to sign a document you do not understand and that might not meet your needs. It is easy to buy an inexpensive form from a stationery store or find one on the internet. If you prefer to give an agent power in the future if you become unable to handle your affairs due to incapacity, you can also say who will determine if you have become incapacited, such as one or more doctors or the court.įorms for powers of attorney are available from many sources. This type of power of attorney is called a “ springing” power, because it springs to life only if the event outlined in the document comes to pass. You can give a specific date when it will go into effect, list a particular event that would cause the power to be effective, or describe a situation when the power could be used. Oregon law also specifically allows powers of attorney that take effect at the time other than when signed. All powers of attorney end upon your death.Ī power of attorney generally become effective when you sign the document. You can end the agent’s authority by revoking the authority in writing. A durable power of attorney is useful when the person who authorized it later becomes unable to handle his or her own business affairs the agent simply takes over the decision-making.īy giving your agent power of attorney, you are not giving up the power to continue conducting the transactions yourself while you are able to do so. If the power of attorney does not contain an ending date, the law assumes it is “ durable.” That means the authority does not end, even if you are incapacitated. You can make the power of attorney temporary if, for example, you are going to be out of the country and want an agent to handle your affairs when you are gone.

The document itself states whether the powers it authorizes are specific or general. You can use general power of attorney to authorize another person to handle a wide range of matters including banking, buying and selling property, and making investments on your behalf. You may sign a specific power of attorney at the bank to give an adult child the authority to make deposits and write checks on a specific bank account. If you do not limit the power you give to your agent, the document is known as a general power of attorney. If you limit the power to certain decisions, the document is a specific power of attorney. A power of attorney gives someone else, called an agent, the right to make financial decisions about the matters you specify in the document. Once you have lost the ability to understand and manage your own affairs, you can no longer authorize someone else to handle them for you.Ī power of attorney is the most commonly used document granting financial authority to another person. You must sign the document before you are incapacitated. You accomplish this through a written document authorizing another person to act on your behalf. Under Oregon law, someone must have special authority to act for another person. Who will manage your financial matters if you become seriously ill, disabled, or injured and cannot handle them for yourself? Many people expect that a spouse or other family member automatically has the power to help with financial matters but this is not true.

Durable power of attorney for finances washington state