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The Oklahoma Durable (Financial) Power of Attorney is a contractual filing used to distribute an array of legal powers for an appointed agent to manage another’s financial holdings and other stipulated matters. A durable arrangement differs from a general agreement because the passed duties of agency will be allocated to the attorney-in-fact even after the principal is considered incapacitated. The registered account can be amended as needed to fulfill the declarant’s wishes, granting select privileges as desired or in a broader disbursement. Issued permissions can be provided to cover the administration of bank/tax accounts, personal property, real estate, insurance policies, or legal proceedings. To ensure proper enforcement of the contract, all requested signatures must be viewed before a notary public.

Laws

Statute – Oklahoma Statutes Citationized Title 58 Chapter 29 – Uniform Power of Attorney Act (58 O.S. § 3001 – 3045)

Definitions – “Durable”, with respect to a power of attorney, means not terminated by the principal’s incapacity;” (58 O.S. § 3002(2)).

Signing Requirements – Two (2) witnessing parties must be in attendance to verify the execution of the document by the principal. Notarization must be recorded by a licensed professional as well to certify all necessary endorsements (58 O.S. § 1072.2). The new state legislature will take effect on November 1, 2021, which will require that the only acknowledgment requirement is that a notary is present to supervise the signing (58 O.S. § 3005).

Revocation – 58 O.S. § 3010