Oklahoma General (Financial) Power of Attorney Form

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An Oklahoma general (financial) power of attorney transfers financial management responsibilities from an individual, the “principal,” to another person, known as the “agent.” A principal would select this document when they need someone else to handle their financial matters during their absence. Reasons for absence could include medical treatment, rehabilitation, extended vacations, compulsory military service, incarceration, or other pertinent circumstances. It is important to note that this form of power of attorney is limited to financial decisions and does not extend to healthcare or legal decision-making for the principal.

A critical aspect of the general power of attorney is its limitation regarding the principal’s mental capacity. Should they become incapacitated, the authority granted to the agent ceases immediately, rendering them unable to act on the principal’s behalf from that point forward.

In contrast, a durable power of attorney maintains its validity even if the principal suffers mental incapacitation. The powers endowed to the agent persist until the principal’s demise or until a successor is appointed. This feature ensures a continuous safeguard for a person’s financial affairs, providing a robust safety net if unforeseen events occur.