Power of attorney in Broken Bow, Oklahoma is a legal setup in which one person (the principal) grants another (the attorney-in-fact) the authority to make legally binding decisions on his or her behalf. This is done for a number of reasons, both personal and business-related, but it is often done to allow the attorney-in-fact to make important decisions for the principal in the event that the principal becomes incapacitated or disabled, and thereby unable to make his or her own decisions.
The principal is able to dictate the precise scope of the attorney-in-fact's authority. If you are giving someone power of attorney, you're probably planning on giving it to a close friend, family member, or life partner. The exact scope of the power is up to you, and will depend on what your goals are.
For example, some people have particular wishes, whether based on religion or personal preference, about how they should be cared for at the end of their life. Oftentimes, people who are at the end of their lives become unable to express their wishes. Therefore, it becomes necessary to have somebody else who knows what they would want, and has the legal authority to give effect to those wishes.
In Broken Bow, Oklahoma, you can sometimes find pre-printed forms that let you easily draft a power-of-attorney agreement. However, if your situation is particularly complex, you should probably have a lawyer draft it for you, to ensure that the agreement is enforceable, or that there are no surprises.
Types of Power of Attorney Arrangements in Broken Bow, Oklahoma
There are 3 basic arrangements that power of attorney can involve in Broken Bow, Oklahoma. They are:
1. Limited power of attorney - limited power of attorney gives the attorney-in-fact the power to act on your behalf on a single issue, in a single transaction. For instance, if you are purchasing a house in another state, you may wish to grant limited power of attorney to a friend or relative who lives in that state, so they can sign all of the relevant documents on your behalf, so you don't have to incur travel expenses. For obvious reasons, you should only grant this authority to someone you trust. Once the transaction is complete, the power of attorney automatically disappears.
2. Durable power of attorney - this lets an attorney-in-fact make decisions in a certain, defined area of the principal's affairs. Durable power of attorney doesn't automatically disappear, and can last indefinitely, or until the principal revokes it. This can be very useful, because it allows the attorney-in-fact to make essential decisions for the principal, but allows the principal to revoke the power if they regain the capacity to make their own decisions.
3. Springing power of attorney - this is a lot like durable power of attorney, but it does not usually take effect immediately. Rather, the power vests on the occurrence of certain condition(s) laid out by the principal. The principal could make the condition anything he or she wants, allowing power of attorney to vest only if, say, a person flies to Saturn. Of course, these arrangements are usually not so outlandish. Usually the event that must take place is the principal becoming incapacitated. This allows the principal to make his or her own decisions while they're able, but also ensures that someone they trust will be able to carry out their wishes in the event that they become too sick or weak to express them.
Can a Broken Bow, Oklahoma Lawyer Help?
While setting up power of attorney in Broken Bow, Oklahoma can be simple, there are some situations in which it will inevitably be convoluted. In such cases, the process will be much easier if you have a reputable attorney to help you along the way.