Introduction
A Power of Attorney (POA) is a legal document that gives one person (the “agent”) the authority to act on behalf of another person (the “principal”). This can be useful in a variety of situations, such as when the principal is unable to make decisions for themselves due to illness or disability.
In Oklahoma, there are two main types of POAs:
- A Durable Power of Attorney remains in effect even if the principal becomes incapacitated.
- A Non-Durable Power of Attorney only remains in effect until the principal becomes incapacitated.
Legal Requirements for a Valid Oklahoma POA
Creating a valid Power of Attorney (POA) in Oklahoma requires compliance with specific legal requirements. These requirements aim to ensure the document’s authenticity, validity, and protection of the principal’s interests.
Capacity of the Principal
The principal, the person granting the POA, must possess the mental capacity to understand the nature and consequences of the document. This means they must be able to comprehend the powers they are granting to the agent and the potential impact on their assets and affairs.
Formalities of Execution
Oklahoma law requires a POA to be in writing and signed by the principal. The document must also be acknowledged before a notary public, who verifies the principal’s identity and ensures they understand the contents of the POA.
Witnesses
In addition to the principal’s signature, a POA must be witnessed by two disinterested parties. These witnesses must be present when the principal signs the document and attest to the principal’s capacity and understanding.
Powers Granted by an Oklahoma POA
An Oklahoma Power of Attorney (POA) allows you to grant your agent specific powers to act on your behalf. These powers can range from financial management to healthcare decisions and real estate transactions.
It’s important to carefully consider the powers you grant to your agent and ensure they align with your wishes and needs.
Financial Management
An Oklahoma POA can grant your agent the power to manage your financial affairs, including:
- Opening and closing bank accounts
- Depositing and withdrawing funds
- Paying bills
- Investing and selling assets
- Filing taxes
Healthcare Decisions
You can also grant your agent the power to make healthcare decisions on your behalf, such as:
- Consenting to medical treatment
- Choosing a healthcare provider
- Managing your medical records
- Making end-of-life decisions
Real Estate Transactions
An Oklahoma POA can also authorize your agent to handle real estate transactions, including:
- Buying and selling property
- Leasing property
- Mortgaging property
- Paying property taxes
Responsibilities of an Agent under an Oklahoma POA
Agents acting under an Oklahoma Power of Attorney (POA) hold significant responsibilities and are bound by legal and ethical duties. These responsibilities include:
Duty of Care
The duty of care requires agents to act with the same level of care, diligence, and prudence as a reasonable person would exercise in similar circumstances. Agents must make informed decisions and take reasonable steps to protect the principal’s interests.
Duty of Loyalty
The duty of loyalty obligates agents to act solely in the best interests of the principal. Agents cannot use their position for personal gain or benefit and must avoid conflicts of interest. They must prioritize the principal’s well-being and wishes above their own.
Duty to Account
The duty to account requires agents to keep accurate records of their actions and transactions on behalf of the principal. Agents must provide the principal with regular updates and accountings, and they are legally accountable for any unauthorized or improper use of the principal’s assets.
Termination and Revocation of an Oklahoma POA
An Oklahoma Power of Attorney (POA) can be terminated or revoked under specific circumstances. Understanding these methods is crucial for both the principal (the person granting the POA) and the agent (the person authorized to act on their behalf).
Methods of Termination or Revocation
- Revocation by the Principal: The principal has the right to revoke the POA at any time, with or without cause. They can do so by providing written notice to the agent and any third parties who may be relying on the POA.
- Death of the Principal: Upon the principal’s death, the POA automatically terminates.
- Court Order: A court may revoke a POA if it finds that the principal is no longer capable of managing their own affairs or if the agent has abused their authority.
