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In this video regarding Oregon's power of attorney, the concept is defined as a legal document allowing someone to make decisions on your behalf if you become unable to do so. This can be useful for managing financial or other matters temporarily, such as during a vacation or hospital stay. The person giving authority is known as the principal, while the recipient is called the agent or attorney-in-fact; other titles may include representative, proxy, or surrogate. The video outlines different types of power of attorney, specifically mentioning a durable power of attorney, which remains effective even if the principal becomes incapacitated. In many states, the durability is presumed unless specified otherwise.