Financial Power of Attorney - Oklahoma

OKLAHOMA DURABLE FINANCIAL POWER OF ATTORNEY

Important Information for the Principal

This document authorizes another person, called the Agent, to make decisions concerning your property. The Agent may exercise only the authority you grant. This document does not authorize health-care decisions.

Under 58 O.S. § 3004, an Oklahoma power of attorney is durable unless it expressly provides that incapacity terminates it. Under § 3005, the Principal must sign the power of attorney or direct another individual to sign the Principal's name in the Principal's conscious presence. An acknowledged signature is presumed genuine. Section 3041 provides a statutory form; this document follows its conservative structure.

Choose the Agent carefully. The Agent will have no authority under an uninitialed subject and will have none of the estate-changing powers withheld in Section 6.

1. Principal

I, [PRINCIPAL FULL LEGAL NAME], of [PRINCIPAL ADDRESS], appoint the Agent named below to act for me subject to this document and Oklahoma law.

2. Agent

Agent: [AGENT FULL LEGAL NAME]

Address: [ADDRESS]

Telephone: [TELEPHONE]

Email: [EMAIL]

3. Successor Agents

If the Agent is unable or unwilling to act, I appoint:

First Successor Agent: [NAME, ADDRESS, TELEPHONE, AND EMAIL]

If that person is unable or unwilling to act, I appoint:

Second Successor Agent: [NAME, ADDRESS, TELEPHONE, AND EMAIL]

Under 58 O.S. § 3011, a successor has the same authority as the original Agent unless this document provides otherwise and may not act until all predecessor Agents have ceased or declined to serve.

4. Nomination of Guardian or Conservator

If protective proceedings are later commenced, I nominate:

Guardian of My Person: [NAME, ADDRESS, AND TELEPHONE]

Conservator or Other Fiduciary for My Property: [NAME, ADDRESS, AND TELEPHONE]

This nomination is made for the court's consideration under 58 O.S. § 3008.

5. Grant of General Authority

Initial each subject you grant. Initial “All Preceding Subjects” instead of each separate subject only if you intend to grant every listed general subject.

These non-gift subjects track the statutory form in 58 O.S. § 3041. Sections 3025 and 3026 govern general authority and construction of the selected authority. Sections 3027 through 3039 describe the individual subjects.

6. Specific Authority Withheld

I do not authorize the Agent to exercise any power listed in 58 O.S. § 3024, including authority to:

1. create, amend, revoke, or terminate an inter vivos trust;
2. make a gift;
3. create or change rights of survivorship;
4. create or change a beneficiary designation;
5. delegate authority granted under this power of attorney;
6. waive my right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan;
7. exercise fiduciary powers that I may delegate; or
8. renounce or disclaim property, including a power of appointment.

The Agent may not make health-care decisions or execute, amend, or revoke my will.

Do not change this section without individualized advice from an Oklahoma attorney. Any express gift authority is also governed and limited by 58 O.S. § 3040.

7. Special Instructions and Limits

The following instructions may narrow the general authority initialed above. They do not add a power withheld by Section 6:

[____________________________________________________________]

[____________________________________________________________]

[____________________________________________________________]

8. Effective Date and Durability

This power of attorney is effective immediately when executed.

This power of attorney is durable and is not terminated by my later incapacity.

A future event or contingency may be used under 58 O.S. § 3009 only if it is stated in the document. Obtain Oklahoma legal advice before replacing this immediate-effective provision with a springing provision or selecting a person to determine whether the event has occurred.

9. Agent's Duties

A person accepts appointment as Agent by exercising authority, performing duties, or otherwise indicating acceptance, unless this document provides another method. An optional Agent acknowledgment appears below, but the Agent's signature is not the exclusive statutory method of acceptance.

Under 58 O.S. § 3014, an Agent who accepts appointment must:

1. follow my reasonable expectations to the extent actually known and otherwise act in my best interest;
2. act in good faith and only within the authority granted or reasonably implied by this document;
3. unless this document provides otherwise, act loyally, avoid conflicts that impair impartial action, use care, competence, and diligence, keep transaction records, cooperate with a person authorized to make my health-care decisions, and attempt to preserve my known estate plan when consistent with my best interest; and
4. disclose receipts, disbursements, or transactions when a statutorily authorized requester properly requests them, within thirty days or within an additional thirty days if the Agent substantiates the need in writing.

10. Compensation and Reimbursement

Choose one:

☐ The Agent may receive reimbursement of reasonable expenses and reasonable compensation as provided by 58 O.S. § 3012.

☐ The Agent may receive reimbursement of reasonable expenses but no compensation.

☐ Compensation will be determined as follows: [DESCRIBE].

11. Termination, Revocation, and Earlier Powers

Under 58 O.S. § 3010, this power terminates at my death, upon revocation, when a termination event stated in this document occurs, when its purpose is accomplished, or when no Agent remains able and authorized to act.

Unless this document provides otherwise, filing an action for dissolution or annulment of marriage or legal separation terminates a spouse-Agent's authority.

A later power of attorney does not revoke this power unless the later document expressly revokes this power or all earlier powers of attorney.

I may revoke this power or an Agent's authority. A signed written revocation and prompt notice to the Agent and persons expected to rely on the power can help prevent unauthorized reliance. Obtain Oklahoma legal advice concerning notice or recording needed for particular property or transactions.

12. Reliance, Judicial Relief, and Liability

Sections 3018 and 3019 govern good-faith acceptance and reliance on an acknowledged power of attorney, permissible requests for an Agent certification, translation, or opinion of counsel, and liability for a refusal that violates the Act.

The persons identified in 58 O.S. § 3016 may petition a court to construe this power of attorney, determine its validity, or review an Agent's conduct and grant appropriate relief.

Under § 3017, an Agent who violates the Act is liable to restore the value of the Principal's property to what it would have been without the violation and to reimburse attorney fees and costs paid on the Agent's behalf. This document does not impose an artificial liability cap, mandatory arbitration, jury waiver, or exclusive “Probate Division” forum.

13. Governing Law

Oklahoma law governs this power of attorney.

14. Principal's Signature and Acknowledgment

I sign this document voluntarily and intend to create a durable financial power of attorney.

Principal's Signature: ____________________________________

Printed Name: [PRINCIPAL FULL LEGAL NAME]

Date: [__/__/____]

STATE OF OKLAHOMA

COUNTY OF [COUNTY]

This document was acknowledged before me on [__/__/____] by [PRINCIPAL FULL LEGAL NAME].

Notary Public or Other Authorized Officer: ______________________________

Printed Name and Title: [________________________________]

Commission Number: [________________]

Commission Expires: [__/__/____]

15. Optional Agent Acknowledgment

I, [AGENT NAME], acknowledge that I have read this document, accept the appointment, and understand that I must act only within the authority granted and in accordance with Oklahoma law.

Agent's Signature: ____________________________________

Date: [__/__/____]

Important Information for the Agent

When you accept authority under this power of attorney, a special legal relationship is created between you and the Principal. Until your authority terminates, you must comply with the duties summarized in Section 9 and the Oklahoma Uniform Power of Attorney Act.

Stop acting when you learn of an event that terminates this power of attorney or your authority. If you do not understand the document, your authority, or your duties, obtain legal advice before acting.

An Agent may use the certification form in 58 O.S. § 3042 to certify facts concerning this power of attorney and the Agent's authority.

Sources and References

• Oklahoma Statutes, Title 58, §§ 3001 through 3045: https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os58.pdf
• Enrolled H.B. 2548 (2021), Uniform Power of Attorney Act: http://oklegislature.gov/cf_pdf/2021-22%20enr/hb/hb2548%20enr.pdf