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An Oklahoma power of attorney is a legal document that acts as the authorization for an individual, known as an agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. An Oklahoma POA is most often an estate planning tool, but there are many other instances when it is also useful.
In Oklahoma, a power of attorney document must comply with the Oklahoma Durable Power of Attorney Act. It specifically outlines the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
The principal has the right to state which powers the agent may and may not exercise on their behalf. The principal also has the right to revoke the power of attorney, even if it is durable, as long as they are not incompetent.
A power of attorney is also terminated when:
There are many reasons why someone would use an Oklahoma power of attorney form to give someone the authority to make decisions related to their personal property, financial institution transactions, tax matters, or their well-being. A few of those include:
Each person’s power of attorney needs may vary. Thankfully, there are several types of POAs available. Before you decide to use one, you should seek legal advice. Ask about the best POA to suit your needs and how to revoke a POA if it becomes necessary. Here are the most common POAs in Oklahoma.
General Power of Attorney
A general power of attorney grants an agent the power to act on the principal's behalf.
Durable Power of Attorney
A durable or statutory power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney is also known as a special power of attorney.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make important healthcare decisions on the principal's behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known in Oklahoma as form BT-129, allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Oklahoma Tax Commission on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Oklahoma Department of Motor Vehicles on the principal's behalf.
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