Updated October 11, 2023
An Oklahoma durable power of attorney form lets a person (“principal”) choose someone else (“attorney-in-fact”) to have limited or unrestricted power over their finances. This is common when a person is reaching elderly age or would like someone else to handle business matters on their behalf. The term “durable” refers to the form remaining valid in the event the person giving power becomes mentally disabled. The person they selected would still be able to conduct their financial affairs on their behalf.
Versions (3)
Download: PDF, MS Word, OpenDocument
Download: PDF
Download: PDF
Table of Contents |
Laws
Title 58, Chapter 29 (Uniform Power of Attorney Act)
Definition of “Durable”
“Durable”, with respect to a power of attorney, means not terminated by the principal’s incapacity. 58 Okl.St.Ann. § 3002(2).
Definition of “Power of Attorney”
“Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. 58 Okl.St.Ann. § 3002(7).
Signing Requirements
The principal must sign in the presence of a notary public. 58 Okl. St. Ann. § 3005.
Statutory Form
A document substantially in the same form as prescribed by the Uniform Power of Attorney Act (2021) may be used to create a statutory power of attorney. 58 Okl. St. Ann. § 3041.
How To Write
Download: PDF, MS Word, OpenDocument
I. Designation Of Agent
(1) Name Of Oklahoma Principal. The full name of the Oklahoma Principal must be delivered to complete the declaration opening this document. The Principal will be the Party with property, finances, or interests (in the State of Oklahoma) who wishes to designate the same authority he or she carries over one or more matters to an Agent he or she finds reliable and competent.
(2) Name Of Agent. As mentioned earlier the Oklahoma Principal will use this document to grant his or her Agent or Attorney-in-Fact the right to use his or her name with principal authority over one or more financial matters. Identify the Oklahoma Agent or Attorney-in-Fact with a record of his or her full name. If desired, Co-Agents may be named with power as well. If so, make sure each Co-Agent is identified with his or her full name.
(3) Oklahoma Agent’s Address And Telephone Number. The complete address of the Oklahoma Agent, as well as his or her phone number, must be presented. If there will be Co-Agents, then make sure that each Oklahoma Co-Agent’s contact information is documented with his or her full name.
II. Designation Of Successor Agents
(4) Name Of Successor Agent. Whether a Co-Agent has been named or the Oklahoma Principal intends to name only one Attorney-in-Fact, the possibility of his or her Agent (and/or Co-Agent) being unavailable or unable to carry out principal responsibilities may occur. This document will allow a precautionary designation of a Successor to the Oklahoma Agent to be made so that the Principal’s authority can be transferred seamlessly if (or when) the original Agent is unable to perform. For example, the Original Attorney-in-Fact or Agent(s) may become revoked by the Principal or endure a life-changing event that prevents him or her from carrying on as the Oklahoma Attorney-in-Fact (Agent). A Successor to the Oklahoma Agent may step into the Attorney-in-Fact role and assume all the powers given to the Original Agent through this document if he or she is identified as a Successor to the Oklahoma Agent. To identify the Party who carries the authority to replace the Oklahoma Agent or Attorney-in-Fact (if needed), document his or her full name as the Successor Agent to the space provided.
(5) Oklahoma Successor Agent’s Address And Phone Number. Naturally it will be important that the Oklahoma Successor Agent can be reliably contacted since he or she will be (usually) sought out only to assume the role of Attorney-in-Fact because the original Oklahoma Attorney-in-Fact and/or Co-Agent have stepped down or be revoked. Thus, document the address and phone number where the Oklahoma Successor can be reached after identifying him or her by name above.
III. Second Successor Agent
(6) Second Oklahoma Successor Agent. There are many scenarios where the Oklahoma Principal’s first choice of Attorney-in-Fact and Successor Agent are both unable to carry out expected principal functions, refuse to act on behalf of the Principal, or become revoked as an Agent. If any such scenarios occur, it would be useful to have a Second Successor ready to act as the Oklahoma Agent set in place. Furnish the full name of the Party who may act as the Oklahoma Principal’s Attorney-in-Fact should neither the Original Agent or First Successor Agent be able or eligible for this role.
(7) Contact Information Of Second Oklahoma Successor Agent.
IV Grant Of General Authority
Delegate Any Powers From Items 8 Through 19 Or Select Item 20
(8) Real Property. The Oklahoma Principal is not expected to grant the full scope of his or her authority to the Agent. He or she may choose which powers are authorized for the Agent to access separately. If this is the case, then to grant the Agent the authority to carry out actions with real estate (or property) in the Principal’s name, the Oklahoma Principal must initial the first item in Section IV. This will solidify the Oklahoma Principal’s intent to approve of the Agent to effect real estate purchases, investments, maintenance, and sales in his or her name. To restrain the Agent from using the Principal’s name to perform any financial or legal actions with real estate or real property, this item should be left unattended. If desired, the Agent can be granted partial powers by initialing this item and providing further instructions where requested.
(9) Tangible Personal Property. If the Oklahoma Principal wishes to approve of his or her Attorney-in-Fact’s use of authority to handle the tangible personal property on his or her behalf (i.e. electronics, machinery, etc.) then the second item on this list must bear the Oklahoma Principal’s initials. The Agent’s ability to effect the Oklahoma Principal’s personal property may be limited or placed under conditions by initialing this subject (“Tangible Physical Property”) and providing additional instructions in a later section.
(10) Stocks And Bonds. If the Oklahoma Principal wishes the Agent to carry out actions with stocks and/or bonds in his or her name then, the third subject item should be initialed by the granting Principal. Bear in mind, this will not only enable the Attorney-in-Fact in handling stock and/or bonds that the Oklahoma Principal currently holds but will also allow the Agent to purchase additional stocks and/or bonds in the Oklahoma Principal’s name. If desired the Oklahoma Principal may place the use of such power by naming any applicable limitations as additional or specific instructions in this document before it is signed.
(11) Commodities And Options. The Oklahoma Principal may initial the fourth item to grant his or her Agent the authority to handle his or her Commodities and Options in his or her name. If this power should be restricted from the Agent then this item should not be initialed. The actions allowed by the Agent may be limited as a special instruction in this document.
(12) Banks And Other Financial Institutions. The Attorney-in-Fact can act as and for the Oklahoma Principal with banks and financial institutions in general so long as the fifth subject is initialed by the Oklahoma Principal. This can be a wide scope of powers that will give the Agent the ability to open, close, transfer, merge, and perform other actions with the Principal’s financial accounts. Thus, make sure that any limitations that should apply are fully documented as special instructions where requested.
(13) Operation Of Entity Or Business. The sixth topic will be that of any Business Entity the Oklahoma Principal may own or be responsible for. If the Agent will be expected to function with principal power in one or more of the Oklahoma Principal’s Business Entities then the seventh power on this list should be granted to the Agent through the Oklahoma Principal’s act of initialing.
(14) Insurance And Annuities. The Oklahoma Principal can set his or her Attorney-in-Fact with the authority to manage and engage in actions with his or her insurance plans and any annuities. Certain actions will require additional approval in the next section while the option to apply conditions to the Agent’s potential use of principal authority in these matters may be further defined as additional instructions.
(15) Estates, Trusts And Other Beneficial Interests. The Oklahoma Principal can deliver the authority the Agent needs to handle effect his or her decisions and actions over estates, trusts, and beneficiary interests that fall under principal control. If this power should be delivered to the Oklahoma Attorney-in-Fact, then the seventh subject line of this list must be initialed by the concerned Principal.
(16) Claims And Litigation. The principal authority to pursue, defend, or engage in the administrative tasks required regarding the claims made by or against the Oklahoma Principal can be granted to the Attorney-in-Fact with the Principal’s initials to the appropriate item of this list.
(17) Personal And Family Maintenance. The financial responsibilities of maintaining the Oklahoma Principal’s personal and family life can be decided upon and carried out by the Attorney-in-Fact through the Principal’s approval. Such approval can only be delivered with the Oklahoma Principal’s initials to the tenth subject (“Personal And Family Maintenance”). For instance, the Oklahoma Principal may need to make sure that tuition payments for one or more Family members are submitted in a timely fashion.
(18) Benefits From Governmental Programs Or Civil Or Military Service. The Oklahoma Principal may require the Attorney-in-Fact to possess the ability to take actions regarding his or her benefits with Government Programs or the benefits he or she is eligible for from a term in Civil or Military Service. While additional subjects will need to be reviewed (and approved), the basic actions of applying for such benefits or managing them can be granted to the Attorney-in-Fact by the Oklahoma Principal’s initials of approval.
(19) Retirement Plans. The ability to handle the Oklahoma Principal’s retirement plans (i.e. submitting or receiving payments) can be included in the principal powers assigned to the Oklahoma Attorney-in-Fact so long as the Principal initials the twelfth item.
(20) Taxes. The second to last subject matter, “Taxes,” allows the Agent to take certain actions on behalf of the Oklahoma Principal provided the Principal initials the second to last topic. It should be noted that the Oklahoma Principal may need to submit additional paperwork directly to any Tax Entity that he or she wishes the Agent to work with on his or her behalf. For instance, the I.R.S. will only allow a Representative to sign and file another Party’s taxes provided some very stringent requirements and paperwork are met.
(21) All Preceding Subjects. If the Oklahoma Principal desires to grant the Attorney-in-Fact the authority to use his or her name to take principal actions in all of the topics above, then the final item can be initialed by the Principal instead of each individual choice above. The Oklahoma Principal may thus, initial the final topic to grant the Agent the full scope of general powers allowed in the State of Oklahoma or can choose which topics are appropriate by initialing individual topics. If the final item is initialed then no other item above it should bear the Principal’s initials since this may cause confusion.
V. Grant Of Specific Authority
(22) Inter Vivos Trusts. As discussed, certain actions will require direct approval from the Oklahoma Principal in order for his or her Attorney-in-Fact or Agent may be authorized to engage in them. For instance, if the Oklahoma Principal is in charge of a living or inter vivos trust and wishes to designate the Agent to wield the same authority he or she carries in this matter, then the first specific authority must be initialed by the Principal.
(23) Gifts. If applicable, the Oklahoma Principal can deliver the power to make, accept, deny, or authorize gifts in his or her name by granting the specific authority needed to do so. It should be mentioned this can potentially effect the Principal’s credit in that the Agent can perform sensitive actions such as forgiving or assuming the financial debts of others using the Principal’s name. The second item in “Specific Authority” must be initialed by the Principal if the Oklahoma Attorney-in-Fact may use principal authority over gifts.
(24) Rights Of Survivorship. If the Attorney-in-Fact will be expected to change or even create rights of survivorship to the Oklahoma Principal’s property then the third specific power of this list must be initialed by the Principal.
(25) Beneficiary Designation. The Oklahoma Principal should initial the fourth power of this list if the Attorney-in-Fact should be granted the ability to designate new Beneficiaries of the Principal’s property or to change any existing designations (but not terminate).
(26) Delegating Or Authorizing Third Party Agent. Some efforts may require that a Third Party is designated with the power to decide on or take principal action. The authority to approve of a Third Party’s use of principal power can be granted to the Attorney-in-Fact by the Oklahoma Principal when he or she initials the line preceding “Authorize Another Person…” Keep in mind, this only applies to the principal powers this document shows as approved for the Oklahoma Attorney-in-Fact’s use in representing the Principal. Thus, only the principal authority that the Oklahoma Attorney-in-Fact has been granted may be assigned to a Third Party if this statement is initialed by the Principal.
(27) Waiving Oklahoma Principal Beneficiary Rights. The Attorney-in-Fact may be granted the authority to deny, release, or otherwise waive the Oklahoma Principals beneficiary rights in a joint and survivor annuity. Since this can effect the Principal’s long-term financial health, he or she will need to provide initials of approval to grant such powers.
(28) Fiduciary Powers Of the Oklahoma Principal. If the Oklahoma Principal currently holds any fiduciary powers (or expects to) and wishes the Attorney-in-Fact to access such powers to engage in decision-making and actions over the concerned estate, property, or trust then the seventh specific power must be initialed by the Oklahoma Principal.
(29) Electronic Communications Access. The ability to access the electronic communications of the Oklahoma Principal will need to be approved separately if it should be authorized for the Attorney-in-Fact or Agent. To grant such authorization, the Oklahoma Principal must initial the eighth specific power.
(30) Refusing Interest In Property. The Oklahoma Attorney-in-Fact can be authorized with the power to deny or refuse an interest in property on behalf of the Principal through this section. To deliver this authority to the Agent, the Oklahoma Principal must initial the final specific power in this section.
VI. Special Instructions
(31) Limitations Or Conditions To Oklahoma Principal Authority. The general and specific authority presented above constitutes a wide scope of power that the Attorney-in-Fact may utilize over the Oklahoma Principal’s finances. Even if the Principal has delivered the full authority available through this document, he or she has the option of placing conditions or imposing limitations on when and how the Attorney-in-Fact may access such authority. The Oklahoma Principal is encouraged to include a full report on when and how the Attorney-in-Fact may utilize the authority defined in this paperwork and document any restrictions that should apply in the “Special Instructions” section. It should be noted that while the Oklahoma Principal retains the right to revoke the Attorney(s)-in-Fact at will, the instructions and approvals in this paperwork will be considered the direct wishes of the Principal. Therefore, if more room is required, an attachment with such information, whose title is defined in the “Special Instructions” section, can be developed included with this document.
VII. Signature And Acknowledgment
(32) Oklahoma Principal Signature. The Oklahoma Principal must present a notarized signature to complete this designation. Once the paperwork is complete, he or she will need to coordinate with a Notary Public then sign his or her name under the Notary’s direction.
(33) Signature Date Of Oklahoma Principal. The date when the Oklahoma Principal provided that his or her signature should be recorded immediately after he or she has signed this document.
(34) Name And Contact Information Of Oklahoma Principal. The Oklahoma Principal should dispense his or her printed name, address, and phone number.
VIII. Notarizing Oklahoma Principal Signature
(35) Notary Action. The Oklahoma Notary Public will use the final area of this appointment to show proof of the notarization process. Only a licensed Notary Public may complete this final area.
Related Forms
Download: PDF
