Oklahoma Durable (Financial) Power of Attorney Form

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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.

Table of Contents

Versions (3)

Standard Version

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OKlaw.org Version

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All Souls Church Version

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Laws

Title 58, Chapter 17A (Uniform Durable Power of Attorney Act)

Definition of “Durable”

The Oklahoma Statutes do not define “durable,” but do provide that all acts done by an attorney-in-fact pursuant to a durable power of attorney during any period of disability, incapacity, or extended absence of the principal have the same effect and inure to the benefit of and bind the principal and his successors in interest as if the principal were competent and not disabled, incapacitated, or on an extended absence (58 O.S. § 1073 (OSCN 2021)).

Definition of “Power of Attorney”

A durable power of attorney is a power of attorney by which a principal designates another his attorney-in-fact in writing and the writing contains the words “This power of attorney shall not be affected by subsequent disability, incapacity, or extended absence of the principal, or lapse of time”, or “This power of attorney shall become effective upon the disability, incapacity, or extended absence of the principal”, or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal’s subsequent disability, incapacity, or extended absence, and, unless it states a time of termination, notwithstanding the lapse of time since the execution of the instrument (58 O.S. § 1072 (OSCN 2021)).

Signing Requirements

Two (2) witnesses and a notary public must view the signature of the principal.

The two (2) witnesses cannot be:

  • Under the age of 18 years old;
  • Be related to the principal by blood or marriage; or
  • The attorney-in-fact or anyone related to the attorney-in-fact by blood or marriage (58 O.S. § 1072.2 (OCSN 2021))

Statutory Form

The Oklahoma Statutes do not include a sample statutory durable power of attorney form.

How to Write

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Oklahoma Principal Declaration

(1) Date. Report the date that should be associated with this paperwork.

(2) Oklahoma Principal. As the Principal issuing this Oklahoma appointment, you will be delivering your authority over one or more subjects to an Attorney-in-Fact of your choice. To do so, the declaration at the beginning must be satisfied with a record of your name as the Principal.

(3) Oklahoma County. Your county of residence should be documented with your identity.

(4) Attorney-in-Fact. The Attorney-in-Fact who shall act on your behalf and with your approval in the State of Oklahoma should be named in the declaration paragraph.

(5) Attorney-in-Fact Location. A record of the county and state where your Attorney-in-Fact can be contacted should be listed.

Effective Date

(6) Selecting The Effective Date. Your initials should be used to approve of the Attorney-in-Fact’s access to your principal powers beginning either upon this document’s execution or only when you are unable to handle your own financial affairs and have been diagnosed as such by a Physician. Keep in mind, that while both statements allow your Attorney-in-Fact to wield principal powers while you are incapacitated, only one can be applied to this document.

Powers Of Attorney-In-Fact

(7) Banking Powers. Your approval is the only tool that will grant the Attorney-in-Fact principal power over your financial affairs. The first step in this process will be to select each principal power you wish delegated to the Attorney-in-Fact from the displayed list by documenting your initials of approval. Therefore, to give your Attorney-in-Fact the right to deal with banks and other financial institutions in your name (i.e., opening an account in your name), you must initial the first defined power.

(8) Safe Deposit Box. Initial the second listed power to give your Attorney-in-Fact the authority to access and manage the contents of all your safe deposit boxes in the State of Oklahoma.

(9) Lending Or Borrowing. You can grant the Attorney-in-Fact the power to borrow or lend funds in your name by approving his or her ability to take out loans in your name (independently or as a Co-Signer), issue promissory notes, and dispense payments for property, securities, etc.

(10) Government Benefits. The Attorney-in-Fact could be approved of applying and managing government benefits (i.e., social security, Medicare, Medicaid) with your initials of authorization.

(11) Retirement Plan. If desired, you can initial your approval of the Attorney-in-Fact’s management of your retirement plans. For instance, he or she can handle your payment options and other appropriate decisions with your IRA’s and other retirement plans. While this can cover quite a bit of potential actions, the Attorney-in-Fact will not have the principal authority to change the beneficiaries of any of your retirement plans.

(12) Taxes. Your Attorney-in-Fact can be authorized to complete and sign tax forms on your behalf as well as take actions such as managing assessments or payments (receiving or sending) in your name upon your initials however, it is fair to mention that Tax Entities such as the Internal Revenue Service or Departments of Revenue may require additional documentation submitted for this approval to be complete.

(13) Insurance. You can deliver the authority needed to handle insurance matters to the Attorney-in-Fact by initialing this item on the list. Unless otherwise indicated in any attached special instructions you provide, this list item approves the Attorney-in-Fact to take principal actions with all insurance policies (i.e., life, health, automobile, etc.).

(14) Real Estate. The principal powers needed to decide and act upon real property or real estate using your name in the State of Oklahoma can be granted to your Attorney-in-Fact through your initials.

(15) Personal Property. Your approval is required if the Attorney-in-Fact will be expected to handle your personal property with principal authority. This will give a wide scope of power to the Attorney-in-fact ranging from making credit arrangements in your name to selling an automobile however, there will be an opportunity to limit or set instructions to paper applying to this and the other items in this paperwork.

(16) Power To Manage Property. Your Attorney-in-Fact can be authorized to manage property in your name by taking actions such as arranging for the leasing or repair of real property or releasing the right to your intellectual property.

(17) Gifts. Your initials will authorize the Attorney-in-Fact’s use of principal authority to make, accept, refuse, negotiate, or pledge gifts. This shall also cover the Attorney-in-Fact’s ability to deliver debt forgiveness in your name.

(18) Legal Advice And Proceedings. Initial the second to last item to approve your Attorney-in-Fact’s use of principal power to arrange for and pay for legal advice as well as manage legal proceedings in your name.

(19) Special Instructions. The final item allows documentation of your direct instructions to the Attorney-in-Fact or limitations of the powers being granted. All such provisions should be reported in this power document even if an attachment is necessary. Note that any attachment should be well labeled and physically attached to this template before it is signed to effect.

Oklahoma Signing

(20) Signature Date. The Oklahoma delegation being made requires a witnessed and notarized signature from the Principal. This signature must also be dated. Thus, prior to signing this form, report the current date.

(21) Principal Signature. Sign the completed template as the Principal issuing these powers before two Witnesses under the direction of a Notary Public.

(22) Residential Location. Your city, county, and state of residence should be recorded.

Witness Testimony

(23) Witness Signatures. It is mandatory the Witnesses that have watched you sign this document, provide signature testimonies as proof of this act.

Notarization

(24) Notary Public. The Oklahoma Notary Public overseeing the execution of this form will use his or her credentials to notarize the signature you provided earlier.

 

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