![]() Each witness must sign at the end of the Will in the principal’s presence. Signing Requirements – The principal must sign or acknowledge the Will in the presence of two (2) attesting witnesses.The probate process often results in additional fees and an extended administration period. After the principal dies, the form must go through probate to determine whether the document is in fact the last will and testament of the principal, and to present others with an opportunity to submit claims to recover debts. Last Will and Testament (‘Will’) – This is the most widely used instrument that enables individuals to choose beneficiaries and describe the assets being transferred after death. For this purpose, the principal must complete one (1) or both of the following: The principal will need to draft a legal document that identifies the beneficiaries and describes the assets each party will inherit following the principal’s death. Benefits from Social Security, Medicare, Medicaid, or Other Governmental Programs, or Military Service.Estate, Trust, and Other Beneficiary Transactions. ![]() Banking and Other Financial Institution Transactions.Tangible Personal Property Transactions.The witnesses must be at least eighteen (18) years of age and may not be related to the principal by marriage, blood or adoption, nor can they be the attorney-in-fact or related to the attorney-in-fact by marriage, blood, or adoption. Signing Requirements – Must be signed by the principal and two (2) witnesses in the presence of a notary public.The principal will be able to indicate the specific financial powers bestowed upon the selected individual. Such powers may include, but are not limited to, the management of real estate, banking, business operations, and income tax.ĭurable (Financial) Power of Attorney – This form can be used to nominate an attorney-in-fact who will make financial decisions for the principal. The attorney-in-fact for finances will be entrusted with powers that remain effective when the principal is disabled, incompetent, or away for an extended period. The principal will need to nominate a second attorney-in-fact that will be responsible for managing the principal’s finances. The witnesses may not be related to the principal by marriage, blood, or adoption, nor may the witnesses be the attorney-in-fact or related to the attorney-in-fact by marriage, blood, or adoption. Signing Requirements – The principal and two (2) adult witnesses must appear before a notary public and sign. The attorney-in-fact’s authority will remain effective even after a physician determines that the principal is incapacitated or disabled. For example, if the principal in unconscious or disabled, the attorney-in-fact can relay their medical preferences to the attending physician.ĭurable Power of Attorney for Health Care – This document is used to appoint an attorney-in-fact who can make health care decisions for the principal. ![]() The primary purpose of the attorney-in-fact is to communicate the principal’s wishes when they are unable to speak or make competent decisions. Before finalizing the paperwork made available below, it may benefit individuals to obtain legal advice to be sure that the documents are best suited for the protection of their estate.Īn attorney-in-fact is an individual chosen by the principal (the estate owner) to represent them and make decisions on their behalf. Residents of Oklahoma can use the following guide to maintain control over their assets both during their lifetime and after death.
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