How to Designate Powers of Attorney in Oklahoma Estate Planning
Designating powers of attorney is a crucial element in Oklahoma estate planning. It provides a way for individuals to ensure their financial and medical decisions are made according to their wishes in the event they become incapacitated. Here’s a comprehensive guide on how to effectively designate powers of attorney in Oklahoma.
Understanding Powers of Attorney
A power of attorney (POA) is a legal document that grants someone the authority to act on your behalf. In Oklahoma, there are two primary types of powers of attorney you may consider:
- Durable Power of Attorney: This allows your designated agent to manage your financial matters even if you become incapacitated.
- Medical Power of Attorney: This enables your agent to make healthcare decisions for you when you are unable to do so.
Steps to Designate Powers of Attorney in Oklahoma
Following these steps can help ensure that your estate planning aligns with your personal wishes:
1. Consider Your Options
Choose a trusted individual to act as your agent. This person should be someone you trust to handle your finances or healthcare decisions responsibly. It is advisable to have a backup agent as well, in case your primary choice is unable or unwilling to serve.
2. Understand the Requirements
In Oklahoma, to create a valid power of attorney, the principal (the person granting the power) must be at least 18 years old and mentally competent.
3. Use the Correct Forms
It is essential to use the appropriate forms for the type of power of attorney you wish to create. The Oklahoma Bar Association provides general templates for powers of attorney, but you may also want to consult an attorney for more complex situations.
4. Fill Out the Document
When filling out the power of attorney form, clearly specify what powers you are granting to your agent. In Oklahoma, your financial powers can be broad or limited, depending on your needs. For medical powers, indicate if there are specific treatments you want or do not want.
5. Sign and Date the Document
Once the document is completed, both you and the agent must sign it. In Oklahoma, it is also recommended to have the document witnessed by two individuals who are not related to you or named as your agent, and to have it notarized for added verification.
6. Distribute Copies
After signing, distribute copies of your powers of attorney to your designated agents, family members, and any healthcare providers or financial institutions that may need to be aware of these documents. Keep the original in a safe but accessible location.
7. Review and Update Regularly
Life changes can affect your decisions regarding powers of attorney; thus, it is wise to review and update these documents periodically. Changes in your health, relationships, or financial situations may necessitate different arrangements.
Final Thoughts
Designating powers of attorney is an essential part of estate planning in Oklahoma. Ensuring that you have these documents in place provides peace of mind that your personal and financial affairs will be handled according to your wishes. It is always recommended to consult with a qualified estate planning attorney to navigate the specific nuances of Oklahoma law and to address your individual circumstances.