Estate owners in Oklahoma might want to learn more about power of attorney and the advantages the designation may provide. The requirements and provisions that govern power of attorney vary from state to state. Establishing power of attorney grants an individual permission to act as an agent, or on the behalf, of an estate owner. The powers granted may be broad in their application, or they may be limited to a specific activity, like closing a real estate transaction.
The power of attorney may grant the authority on a temporary or permanent basis. The power of attorney may be granted right away, or it may rely on the occurrence of a specific event that is expected to happen in the future. The power of attorney is usually scheduled initiated once the estate owner becomes incapacitate from a physical or mental disability. When the power of attorney is initiated at a later date, the legal action is referred to as 'springing".
Most states allow the power of attorney to be revoked as long as the party appointed as power of attorney is informed with a written notice. The person appointed to power of attorney by the estate owner is typically referred to as the attorney-in-fact or as an agent. In order to invoke the power of attorney, the agent may be required to present the actual documentation signed by the estate owner.
People needing information about power of attorney could benefit from contacting legal counsel. Many estate owners benefit from appointing the power of attorney to their lawyer. Legal counsel may also be equipped to provide assistance to anyone recently appointed to be an agent with power of attorney. Legal counsel may also be effective in providing assistance with other aspects of estate administration as well.
Source: American Bar Association , "Power of Attorney", December 17, 2014