Have you considered who would manage your estate if you became incapacitated or were otherwise unable to manage your assets? Many everyday tasks, such as visiting the bank or paying a bill, require you to use your personal financial authority. A bank generally won’t let someone transact on your behalf, in most cases not even your spouse, without that person being granted the proper authority as your agent. A power of attorney document can grant that authority.
Powers of attorney can be written in a variety of ways to fit your particular needs and to account for the relationship you may have with your chosen agent. For example, you could choose to grant a trusted partner such as your spouse “general durable” power of attorney, giving them the ability to transact on your behalf whenever it is useful. You could also choose to grant someone “springing” power of attorney—this would only allow them to act if certain conditions are met, such as your being incapacitated.
More information is available from the Oregon State Bar. We include powers of attorney in all of our comprehensive estate plans, so if you’d like to explore creating one, please contact us.