Tulsa Power of Attorney
If you want to grant another person the power to make decisions about your important affairs, you need a power of attorney to give them the right to do so. There are many reasons why you might want to pursue this. For example, maybe you want a more informed individual to make important financial decisions for you or to make important medical decisions. No matter what the reason, you can rely on a Tulsa power of attorney lawyer from Stange Law Firm for guidance with every step of this complicated process.
What Is a Power of Attorney?
If you want to give someone the legal power to make decisions over certain affairs in your life, you need a power of attorney. This is an official record that grants another person the authority to take action in your place. If you are the person executing the power of attorney, you are the principal. The person acting in your place is called your agent.
Designating an agent is often a critical part of the estate planning process, as the person who manages your affairs can make important decisions that lead to or avoid probate complications. They may also have to collaborate with the executor of your will after you pass one day so your affairs are properly handled.
The state of Oklahoma recognizes two main types of powers of attorney. It is important to reflect on why you want one, and for how long you might want it, before you decide which kind you want to go with. You can choose one for certain areas of your life but not others. You should also decide if you want to give someone all-encompassing power or limited power.
General Power of Attorney
A general power of attorney will give a person the right to make certain decisions and take actions for you. For example, some of the reasons why you might want a power of attorney include:
- Financial Decision-Making: Finances can get complicated, especially if you have multiple lines of credit, investment accounts, or high-net-worth assets like properties. You might want a power of attorney to give someone else, who knows the intricacies of the financial world more than you do, the ability to make informed decisions about how you should manage your money. Your agent can also take financial actions for you, such as making investments and paying bills.
- Medical Decision-Making: Having to make decisions about medical procedures can be overwhelming. If you are seriously ill, it can often be in your interest to have a capable, healthy, and knowledgeable person make your medical decisions for you. It should be noted that this person cannot make end-of-life decisions for you. They also cannot make decisions for you if you are incapacitated unless you have a durable power of attorney.
Durable Power of Attorney
If you get a durable power of attorney, your power of attorney will remain effective even in the unfortunate event that you are incapacitated. Durable powers of attorney are vital for making sure that your health and your wealth lie in trusted hands.
Your power of attorney in Tulsa, Oklahoma will be durable unless you specify that it expires upon incapacitation. You can choose between an immediate and a springing power of attorney, which differ based on when the power kicks in.
- Immediate Durable Power of Attorney: If you draw up an immediate durable power of attorney, it will go into effect as soon as you and your agent sign the document.
- Springing Durable Power of Attorney: If you choose to go with the springing power of attorney, it will not go into effect until you become incapacitated. This means that you have full decision-making power for now but, in the event that you are no longer able to make your own decisions, you have already taken care of designating someone else to have that power.
Do You Need a Lawyer for a Power of Attorney in Oklahoma?
While you do not technically need to hire a lawyer for a power of attorney in Oklahoma, this is one of the most complicated documents to draw up on your own. You will need to go into detail about the powers that you are granting your agent and specify the terms and expiration of the document.
If you go the solo route when drawing up your power of attorney, you might also end up seeing the document contested for lack of clarity or conflicts of interest. On the other hand, if you put your trust in a lawyer, they can make sure that your document is explicit and error-free so that it is not likely to be subject to dispute.
When you hire an Oklahoma power of attorney lawyer, they can make sure that you follow every procedure properly to effectively transfer decision-making power. Powers of attorney are complicated, and the legal technicalities involved will depend a great deal on what you are giving someone the power over.
For instance, property lawyers can be a valuable asset for understanding how to give someone power in real estate management, while tax attorneys can help you understand the implications of giving someone financial power. Attorneys can also help you with other parts of estate planning if you are interested, like drawing up a will or a living trust to outline how to distribute the assets in your estate.
Does a Medical Power of Attorney Need to Be Notarized in Oklahoma?
The state of Oklahoma does not legally require your power of attorney to be notarized, but it is considered wise to notarize your document for increased credibility. When a notary is present at your signing, they are able to confirm that the document is genuine. This can help avoid disputes later on as to whether your power of attorney is valid or who should be the one making decisions for you if you are unable to.
Reach Out to Stange Law Firm Today
If you want to grant another person your power of attorney or need help with a legal dispute involving such power, you should consult with a seasoned lawyer. At Stange Law Firm, we are ready and waiting to help provide personalized advice for your case. Get in touch with us today to get started.
Tulsa County (Tulsa), Oklahoma Office (918-723-2008) | 6660 S. Sheridan Road, Suite 240, Tulsa, Oklahoma 74133