Signing Requirements
The principal must sign in the presence of a notary public.[1]
Powers Granted
In general, a principal may grant an agent the power to do any legal act that the principal can do through an agent. This can include power over things such as real and personal property, stocks and bonds, bank accounts, operating a business, estates and trusts, personal and family matters, benefits and retirement plans, and taxes.[2]
However, a principal must specifically grant authority if the agent is to:[3]
- Create, amend, revoke or terminate an inter vivos trust;
- Make a gift;
- Create or change rights of survivorship;
- Create or change a beneficiary designation;
- Delegate authority granted under the power of attorney;
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity;
- Exercise fiduciary powers that the principal has authority to delegate;
- Exercise authority over the content of electronic communications as amended, sent or received by the principal; or
- Disclaim property, including a power of appointment.
“Durable” Definition
“Durable”, with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“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.[5]
Revocation
A power of attorney terminates when:[6]
- The principal dies;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies;
- The power of attorney provides that it terminates; or
- The purpose of the power of attorney is accomplished.
An agent’s authority terminates when:
- The agent resigns, becomes incapacitated, or dies;
- The principal revokes the authority;
- The principal and agent divorce or legally separate; or
- The power of attorney terminates.
Statutory Form
Yes, the State of Oklahoma provides a statutory form.[7]