Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for guidance on your specific situation.
Power of Attorney Options in Oklahoma
A power of attorney allows an individual (the “principal”) to appoint an agent to manage personal or financial matters on their behalf. Under the Uniform Power of Attorney Act, Title 58 O.S. §§1720–1731, Oklahoma recognizes:
- Durable Financial Power of Attorney: Grants broad authority to handle banking, investments, bill payments, and other financial affairs. See 58 O.S. §1720.
- Durable Medical Power of Attorney: Empowers an agent to make health care and end-of-life decisions when the principal lacks capacity. See 58 O.S. §1727.
Guardianship and Conservatorship in Oklahoma
If an elderly heir no longer has the mental capacity to grant a power of attorney, a court may appoint a guardian or conservator under Title 30 O.S. §1-1-101 et seq.:
- Guardianship: A guardian manages personal needs, daily care, and medical decisions. See 30 O.S. §1-1-111.
- Conservatorship: A conservator oversees financial affairs, invests assets, and pays bills. See 30 O.S. §1-1-109.
Key Considerations for Choosing an Authority Method
When selecting between power of attorney and court-appointed authority, consider:
- Mental Capacity: A power of attorney requires the principal to be mentally competent at signing. Courts evaluate capacity through medical or psychological reports.
- Timing and Cost: Powers of attorney are quicker and less expensive. Guardianships involve court fees, attorney fees, and ongoing supervision.
- Scope and Flexibility: Powers of attorney can be customized and revoked by the principal. Guardianship and conservatorship grant broader authority but require court approval for major decisions.
How to Establish a Guardianship or Conservatorship
- File a petition in the county probate court under 30 O.S. §1-1-107.
- Obtain a capacity evaluation from a qualified professional.
- Attend the court hearing, where the judge reviews evidence and may appoint a guardian or conservator.
- Comply with court-ordered reports and accountings to monitor the ward’s well-being and finances.
Revoking or Modifying Authority
A principal with capacity can revoke or amend a power of attorney at any time by executing a written revocation. To modify or terminate a guardianship or conservatorship, file a petition under 30 O.S. §1-1-123 and demonstrate changed circumstances.
Helpful Hints
- Discuss wishes and expectations with the elderly heir before any incapacity arises.
- Consider a standby power of attorney that becomes effective upon incapacity.
- Store original documents in a safe, accessible location and provide copies to key individuals.
- Review authority documents every few years to confirm they reflect current wishes.
- Keep detailed records of all actions taken by the agent, guardian, or conservator.