This article wraps up our series of articles on powers of attorney in Oklahoma. Today we will review the topics covered in this blog series.
What is a power of attorney, and what is it used for?
As we explained in our first article, a power of attorney lets you give someone else legal authority to act for you. Only a competent adult can create a power of attorney. The person receiving it must also be a competent adult.
There are many reasons to delegate this power. Think about any time you might be unable to make a legal decision. Your absence could create serious problems for you, your family, or your business. By giving someone power of attorney in advance, they can act for you when needed. This helps you avoid major issues that could arise while you’re unavailable.
We often use powers of attorney in real estate transactions in Oklahoma. For busy investors who travel frequently, this can be a lifesaver. If they can’t attend a closing, an agent with power of attorney can step in and keep the deal on track. This applies to both buying and selling property.
While powers of attorney are important in business and real estate, their most common use is in everyday families. Many Oklahomans rely on them to help aging parents and grandparents. Having legal authority to assist your loved ones becomes essential as they get older. Without a power of attorney, you can’t sell your grandmother’s home, pay her bills, or help manage her health care and daily needs.
The Difference between durable and non-durable powers of attorney
It’s important to know that not every power of attorney will remain valid if your elderly family member becomes mentally incapacitated. Under Oklahoma law, there are two main types: durable and non-durable powers of attorney.
A durable power of attorney stays in effect even if the person who created it becomes incapacitated. This is usually the best option for family situations involving aging parents or grandparents.
A non-durable power of attorney, on the other hand, ends if the person becomes incapacitated. This type is better for business arrangements made for convenience or logistics. For example, if you’re unable to manage your business temporarily, you may want certain powers to end automatically. That allows trusted individuals, such as family members or estate representatives, to step in and take over when needed.
Because every situation is unique, it’s best to talk with an attorney when setting up a power of attorney. Legal guidance can help ensure your documents fit your needs and protect your interests.
How to get a power of attorney in Oklahoma: the legal requirements
Above all, a person must be alive, an adult and mentally competent and capable of signing. The principal must be competent and able to sign. The signature should always be notarized. These are the basic requirements for an Oklahoma power of attorney.
It may sound strange to state being alive as a requirement, but when deal with powers of attorney, we encounter many people who want to use this power after the principal has died. This brings up the issue of whether a power of attorney survives death, and the answer is “No.” Once the principal dies, the power of attorney ceases. At that point, testamentary powers of a will spring into effect, or powers delegated to a trustee take over.
You should hire a lawyer when creating powers of attorney
As we alluded to above, we always recommend you consult with an attorney when preparing powers of attorney for family or for business planning. There are several reasons. One, you will want to ensure the documents comply with current Oklahoma law, and not forms copied from other states. Next, you want to ensure you understand the scope of the powers being granted. You don’t want to give too little or too much. You want to give away the correct amount of power for the underlying purpose.
Finally, you want to make sure that your power of attorney is consistent with your overall goals, whether family planning, estate planning or business planning. You wouldn’t want to have inconsistent documents. Instead, you want to incorporate your power of attorney into the big picture of your estate plan and business plan.
Oklahoma City Power of Attorney lawyer
Travis Charles Smith is an lawyer in Oklahoma City that handles business and estate planning. If you would like to learn more about using a Power of Attorney for your specific situation, we invite you to schedule a consultation with our office.