Power Of Attorney: Delegating Decision Making

Powers Of Attorney In Oklahoma

A power of attorney (POA) in Oklahoma is a legal document that grants a designated person the authority to make decisions on your behalf. This person, known as the agent or attorney-in-fact, acts on your behalf in various matters outlined in the POA. The scope of their authority is limited by the terms set forth in the document.

There are different types of power of attorney, including:

• Medical Power Of Attorney: These grant your agent the authority to make healthcare decisions for you if you become incapacitated.
• Financial Power Of Attorney: These allow your agent to handle your financial matters, such as managing bank accounts, paying bills, and handling investments.
• Specific Power Of Attorney: These limit your agent’s authority to specific tasks or events, such as closing on a property.
• Durable Power Of Attorney: Remains in effect even if you become incapacitated, allowing your agent to continue making decisions on your behalf.
• General Power Of Attorney: These broadly authorize your agent to act on your behalf in a variety of matters but typically ends if you become incapacitated unless specified otherwise.

In Oklahoma, a power of attorney must be signed by:

• The principal, or the person granting the authority.
  • Principals must be over the age of 18 and have the capacity to understand the document.
• Two witnesses and notarized.

Integrating A Power Of Attorney With Other Estate Planning Documents

A power of attorney works alongside other estate planning documents to ensure comprehensive management of your affairs:

A will takes effect after your death and outlines the distribution of your assets. A POA, however, only operates during your lifetime and ends upon your death. A living trust manages your assets during your lifetime and after your death, but it does not cover decisions related to your personal care or medical treatment. A POA fills this gap by allowing someone to make these decisions if you are unable to do so. Healthcare directives specify your healthcare preferences. A medical POA designates someone to make healthcare decisions on your behalf that are in line with these directives.

You can designate different individuals for various roles based on their strengths and your preferences. For example, one person might be named as your medical power of attorney for healthcare decisions, another as your financial power of attorney for managing finances, and another as the successor trustee of your trust. This flexibility allows for tailored estate planning that meets your specific needs and circumstances.

For more information on Power Of Attorney, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 449-5777 today.