Stay Informed: Oklahoma’s Updated Financial Power of Attorney (POA) Form
In 2021, Oklahoma adopted a more comprehensive Power of Attorney form under the Uniform Durable Power of Attorney Act (codified at 58 O.S. 3001 et seq.). This updated form includes important changes that you should know about to ensure your financial and estate plans remain effective.
Key Updates in the New POA Form
Detailed Authority Options
The new form outlines powers in two sections:
Grant of General Authority: Lists standard powers such as managing banking, real estate, and other financial matters (Sections 3027–3039).
Grant of Specific Authority (Optional): Lists more specific powers such as changing a beneficiary, making a gift, or altering your estate planning documents. Allows the agent to perform actions that could significantly reduce your property or impact how your property is distributed at your death. These powers are only granted if the grantor initials the corresponding section. If left blank, the agent cannot perform the actions
Impact on Older POA Documents
Many older POA documents lack the specific provisions now required. For example, a previous POA might grant general authority over banking but fail to explicitly permit adding joint account holders or changing beneficiaries.
Even though the old POAs are still valid, financial institutions, such as banks or investment firms, are increasingly rejecting the use of older POAs that are less specific and do not align with the new standards.
Why This Matters
Without a properly updated POA, your agent may encounter challenges in managing your affairs. For instance:
If your older POA doesn’t specifically authorize adding or changing account owners or beneficiaries, your agent may be unable to perform these tasks—even if they were previously allowed prior to the enactment of the new POA standards.
Institutions are becoming more cautious and may decline to honor outdated documents that are not as specific as the new ones.
Protect Your Plans
Ensuring your Power of Attorney is up to date gives your agent the powers they need to manage your financial and estate matters effectively. If you’re unsure whether your current POA aligns with the new requirements, it’s a good idea to review it with a professional.
We’re Here To Help
At Sullivent Law Firm, our focus is estate planning. We can guide you through updating your Power of Attorney and other critical documents. Contact us today to schedule a consultation and safeguard your peace of mind.
