An Oklahoma power of attorney is a powerful right one person gives to another. There are times when you may need to authorize someone to do something that you would normally do yourself but can’t for some reason cant do. This includes things like an illness or other incapacity. A legal document called a power of attorney allows you to delegate, or assign, someone the right to do something for you. Some of those things are managing your medical, financial, or real estate transactions. The person who delegates authority is called a principal. The person that holds the power is called an agent or attorney-in-fact. An Oklahoma power of attorney is many times a part of a well drafted estate plan.
A crucial part of creating power of attorney is choosing an agent to represent your interests most effectively. The next key part of the process is defining the needs that lead to creating a power of attorney. Is the principal incapacitated? Is it due to their age, health, mental condition, or some other reason? Will the situation change so that the principal can take back the powers? These questions and more go into the reasons behind setting up a power of attorney and determine the type of power of attorney that is right for you. Generally POS are part of your will or trust and contained in your estate plan.
Types Of Powers Of Attorney
There are a few types of powers of attorney that are recognized under Oklahoma law:
- Limited: A limited power of attorney authorizes your agent to do a specific thing like manage a particular property or manage a specific investment account, for example.
- General: A general power of attorney gives your agent wide scope of authority over many things in your life, from selling or mortgaging your property to creating financial accounts in your name and more. This power must be used correctly by a trusted and caring agent to benefit your interests. A general POA ends when you are incapacitated or die or when you revoke the authority in writing.
- Durable: A durable power of attorney is very wide in its scope. It can cover every important decision in your life, and it does not end when you are incapacitated and can no longer make your own decisions in life. The law requires specific language to create a durable power of attorney.
- Health Care Proxy: A special type of medical power of attorney under Oklahoma law for a principal to make life-sustaining medical treatment and care decisions. It can be combined with a durable power of attorney if it meets the requirements under Oklahoma law.
The power of attorney that you grant can affect your life and property in many ways. It is critical that you clearly understand the reasons for setting up a power of attorney. This includes its full powers and limitations, the terms that it will continue under, and how you can end it when you need to do so. A power of attorney carries a lot of authority that you authorize to be used for you in advance. It’s crucial that you understand who is using this power and how.
Other Concerns With Power of Attorney
Another thing to remember about a power of attorney is that once you are dead the power is terminated. This is something that people are sometimes surprised to find out. A typical misconception about the power is that the person that is granted the power thinks that after you pass they can continue to manage your affairs’. This is untrue as that’s what a last will or trust or a probate is for.
Finally, its important that if you don’t have capacity to make a contract you don’t have capacity to make a power of attorney. The typical inquiry that is made to our office is from people trying to get a power for their incapacitated family member. A power of attorney is a contract between the person granting the authority and the person its being given to. If the person granting the power doesn’t understand what they are granting to you its not valid.
Oklahoma Attorney For POAs
Kania Law Office has substantial experience assisting Oklahoma clients with using various powers of attorney. This done along with customized estate plans that address their unique needs. We’ll help you legally appoint and authorize trusted individuals and other fiduciaries to tend to your financial and healthcare affairs. To learn more, reach out to Kania Law Office’s estate planning lawyers by calling (918) 743-2233 or contacting us online.