Financial Power of Attorney in Tulsa, OK

What Is a Financial Power of Attorney?

A financial power of attorney is a legal document that allows a person to appoint someone else to make financial decisions on their behalf in the event that they become incapacitated. This document can be created for a specific purpose or for general financial matters. Financial powers of attorney are sometimes referred to as "POAs" or "POAs for finance."

This document is different from a will, which determines how a person's property will be distributed after they die. It is also different from a living will, which determines what type of medical treatment a person would like to receive if they are unable to make their own decisions.

A financial power of attorney is not a substitute for a will. A will determines what happens to a person's property after they die. It is important to have a will in addition to a financial power of attorney. The financial power of attorney only becomes effective if the person becomes incapacitated.

If you would like to appoint someone to make financial decisions on your behalf, please contact our Tulsa POA attorneys at to discuss your options.

When Should I Create a Financial Power of Attorney?

There are many reasons why it is important to create a financial power of attorney. Some of the most common reasons include:

• You are in a position where you might become incapacitated
• You want to make sure that someone you trust can handle your financial affairs
• You are planning to move into a nursing home
• You are planning to travel extensively
• You want to make sure that someone you trust can make financial decisions for your minor children

For example, you might want to create a financial power of attorney if you are planning a long trip or if you are planning to move into a nursing home. If you create a financial power of attorney before you need it, you can rest assured that your affairs will be in good hands if you become incapacitated.

When Should a Financial Power of Attorney Be Revoked?

It is important to review your financial power of attorney regularly to make sure that it is still accurate. However, there may be times when you need to revoke your financial power of attorney. For example, if you create a financial power of attorney for general financial matters, you might want to revoke it if you decide to create a separate financial power of attorney for a specific purpose, such as a financial power of attorney for health care.

It is also important to revoke your financial power of attorney if you change your mind about appointing a specific person to make financial decisions on your behalf. If you revoke your financial power of attorney, you should create a new one as soon as possible.

What Are the Consequences of Not Creating a Financial Power of Attorney?

If you do not create a financial power of attorney, your family members may have to go to court to determine who can make financial decisions on your behalf. This court process can be time-consuming and expensive. Your family may also have to pay for a professional guardian to handle your financial affairs. Creating a financial power of attorney can help to avoid these costs and time delays.

What is a Financial Power of Attorney for Health Care?

Some people create a financial power of attorney for health care to make sure that someone they trust can make health care decisions for them if they are unable to do so. This document can also be referred to as a "POA for health care" or a "health care power of attorney."

A financial power of attorney for health care allows you to appoint someone to make decisions about your medical treatment if you are unable to do so. For example, if you are in a car accident and become unconscious, your financial power of attorney for health care can make decisions about your medical treatment. This document is different from a living will, which determines what type of medical treatment you would like to receive if you are unable to make your own decisions.

A financial power of attorney for health care is not a substitute for a living will. It is important to have both a living will and a financial power of attorney for health care. The financial power of attorney for health care only becomes effective if you are unable to make your own decisions. If you would like to learn more about creating a financial power of attorney for health care, please contact our Tulsa estate planning attorneys at .

If you would like to make sure that your financial affairs will be in good hands if you become incapacitated, please contact our Tulsa POA attorneys at } to discuss your options for creating a financial power of attorney.