Did you have questions about Oklahoma’s Statutory Power of Attorney over Finances?
That particular power of attorney is found under Oklahoma’s Uniform Power of Attorney Act, 58 Oklahoma Statutes Section 3001, et seq. This statute became effective November 1, 2021 and essentially repealed Oklahoma’s Uniform Durable Power of Attorney Act.
It is important to understand that this statutory power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. Depending on which items are selected under this power of attorney: your agent is able to undertake on your behalf a broad range of financial and administration actions.
You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent’s authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you.
Your agent is entitled to reasonable compensation unless you state otherwise in the special instructions found on the form itself.
This statutory power of attorney, however, does not authorize the agent to make health care decisions for you. To authorize your agent to undertake health care decisions: one must execute and/or sign off on an Oklahoma Advance Directive for Health Care and/or a Health Care Power of Attorney. Those are separate instruments from the object of today’s discussion on the statutory power of attorney over finances.
If you have further questions about Oklahoma’s Statutory Power of Attorney Over Finances and want to know more about the topic: do not hesitate in reaching out to us. Just give us a call at: 918-286-8001.
