A Complete Overview of Power of Attorney in Oklahoma

If you get sick or have to be absent for an extended period of time (like on a deployment), do you know who will step up to make decisions on your behalf? Is this legally documented? You can make sure your wishes are respected and affairs are handled exactly how you’d want them to be with an Oklahoma power of attorney document. In this article, we’ll explain what that is, why you need it, and how to get one.

What Is a Power of Attorney?

​​A power of attorney (POA) is a legal document that grants one person (the agent) the authority to act on behalf of another person (the principal). Think of the agent as the substitute decision-maker for the principal. The powers granted can be broad or restricted, and can apply to a gamut of personal and professional dealings that involve financial, medical, and other decisions.

A power of attorney is helpful to the elderly and others who want to choose someone they trust to act on their behalf. The POA ensures that the person’s choices and responsibilities are handled according to their preferences when they are unable to do so themselves, due to an illness, absence, or other specified reason.

The principal initiates the creation of a POA, often during the estate planning process, naming the agent and setting the parameters. This is in contrast something like a guardianship or conservatorship, which are court-ordered processes.

Types of Power of Attorney

There are several different types of power of attorney and these can vary somewhat by state. In Oklahoma, a power of attorney can be:

General Power of Attorney

A general POA grants broad powers to the agent to manage a wide range of the principal’s finances and property, such as handling investments, buying or selling real estate, and managing business affairs.

Health Care Power of Attorney

A health care POA allows the agent to make medical decisions on behalf of the principal if they become unable to make those decisions themselves. It is often paired with a living will, which provides specific instructions on the principal’s preferences for medical treatment.

Financial Power of Attorney

A financial POA allows the agent to manage the principal’s financial affairs, such as paying bills, filing taxes, handling investments, or conducting real estate transactions. This type of POA is often used for short-term purposes, such as when the principal is traveling or on a military deployment; but can also be used for estate planning to prepare for situations where the principal is unable to manage their finances due to something like an illness or injury.

Special or Limited Power of Attorney

This POA grants limited or specific powers to the agent for particular tasks, such as selling a property, managing certain financial transactions, or handling car registration. It is typically used for one-time transactions or specific time periods.

Each type of Oklahoma power of attorney serves different purposes and involves various levels of authority and responsibility. Which POA you need depends on your specific situation and wishes. Regardless of the type, it will be important to clearly define the powers you want to grant to your agent to ensure your interests are protected and intentions are clearly understood.

What Type of Power of Attorney Is Best?

Your circumstances will dictate which POA is best for you. Choosing the right type of POA depends on what your goals are, such as whether you need someone to handle financial decisions, health care decisions, or both, and whether you want the authority to begin immediately or spring into effect under certain conditions. Whether the POA will be durable or not is another important decision.

Considering all the options and nuances of POAs, it’s smart to consult with an estate planning attorney. They will ensure you choose the right POA for your situation and craft the document according to your preferences and state laws.

What’s Unique About Oklahoma’s Power of Attorney Laws?

Oklahoma has specific laws and regulations concerning power of attorney that can differ from other states. Some of the unique aspects of Oklahoma's power of attorney laws include:

• Uniform Power of Attorney Act: Oklahoma adopted the Uniform Power of Attorney Act (UPOAA) in 2010, which provides a standardized approach to the legality, creation, and use of powers of attorney in an effort to make the laws consistent across different states that have also adopted this Act.
• Durability: In Oklahoma, a power of attorney is considered durable unless it explicitly states otherwise. This means the power of attorney will stay in effect even if the principal becomes incapacitated.
• Notary and Witness Requirements: To be valid, Oklahoma requires that a power of attorney must be signed by the principal before two witnesses.
• Springing Powers: Oklahoma allows “springing” powers of attorney, which activate when a specific event occurs. Usually, this event is the incapacitation of the principal; regardless, the POA document must clearly define what the trigger event is and how something like incapacity is determined to activate the springing power.
• Hot Powers: Oklahoma categorizes certain responsibilities as "hot powers," which means they require explicit authorization in the POA document to be granted to the agent. These include the ability to create, amend, revoke, or terminate a trust, make gifts, and create or change rights of survivorship.
• Termination: A power of attorney in Oklahoma automatically terminates upon the death of the principal, but it can also be revoked by the principal at any time as long as they are competent and provide written notice to the agent.

Clearly, powers of attorney in Oklahoma can involve nuance that’s important to understand when outlining your wishes. An experienced estate planning attorney will help you navigate this and ensure your document is compliant with state laws.

Why Is a POA an Important Part of Estate Planning?

It’s strongly advised to create a POA when you’re estate planning because this not only ensures your wishes regarding your finances, health care, assets, dependents, and more are respected if you are incapacitated or absent, it also minimizes the State’s involvement in your affairs. In short, having a POA makes it easier for your family and loved ones to make decisions on your behalf without having to go to court, which can be a lengthy, expensive, and very public process.

More specifically, creating an Oklahoma power of attorney means that:

• You keep control–you choose the person you trust most to handle your affairs and decide exactly which decisions they are empowered to make
• Your finances and estate are protected, distributed, and managed in the manner you decide
• Medical treatment and decisions like end-of-life care align with your wishes
• You avoid court-appointed guardianship or conservatorship
• Other institutions (like banks, hospitals, and investment firms) have a legal document that clarifies who is authorized to act on your behalf
• You avoid family disputes that turn into legal battles

How Do You Get a Power of Attorney In Oklahoma?

Getting a power of attorney is fairly straightforward, but there are certain things you must do to ensure it's legally valid and accurately reflects your wishes. These are the basic steps for how to get a power of attorney in Oklahoma:

1. Determine the Type of POA: Decide whether you need a general, financial, special or limited, health care, or springing power of attorney, and whether you want it to be durable or not.
2. Choose an Agent: Select someone you trust to act as your agent. This person should be reliable and capable of handling the responsibilities you assign to them. It’s also smart to select an alternate agent in case your primary choice is unable to fulfill their duties.
3. Draft the POA Document: Draft the POA with an attorney who specializes in estate planning. You can also create the document yourself using online legal templates, but working with a lawyer will ensure there are no legal loopholes and you clearly outline the powers you are granting, any limitations, and under what circumstances the POA will become effective.
4. Notarize the POA: The principal must sign the POA before two witnesses. These witnesses should not be the agent.
5. Copy and Securely Store the POA: Keep the original document in a safe place, such as a safe deposit box or with your attorney. Provide copies to your agent and any institutions or individuals who may need to know about the POA, such as your bank, financial advisor, or family members.
6. Review and Update as Necessary: Regularly review your POA as your circumstances and relationships change. You might need to amend or revoke the current POA and create a new one to reflect new wishes or situations.

Get Help Creating a Power of Attorney in Oklahoma

To get a POA that’s bulletproof from a legal perspective, and especially for more complex estates or specific health care directives, seek out a lawyer who specializes in estate planning. An experienced attorney can help you tailor the POA to your circumstances and wishes, while ensuring it meets all legal requirements. With decades of experience, Plan Ahead Legal specializes in providing full-service estate planning for families whose primary goal is to make sure their loved ones are taken care of. Contact us today for a free consultation on how we can help you create a POA or other elements of an estate plan.