Oklahoma § 58-1063 - Supervised power of attorney

§ 58-1063. Supervised power of attorney

A. Any person over eighteen (18) years of age may execute a

supervised power ofattorney pursuant to the provisions of this

section.

B. A supervised power of attorney is a power of attorney by

which a person nominates another to be the attorney-in-fact of such

person and charges such attorney-in-fact with the care, custody and

Oklahoma Statutes - Title 58. Probate Procedure

management of the estate of such person and which is approved by the

court as such.

C. Any such nomination shall be by a written instrument

approved by the district court of the county of residence of the

person executing the power upon a petition filed by such person.

Before approving any such nomination, the court shall cause

notice of such petition to be:

1. published for at least one (1) time in a newspaper,

authorized to publish legal notices, of general circulation in the

county in which the petition has been filed; and

2. mailed by certified mail to each heir-at-law of the person

creating the power at such heir's address as last known to the

petitioner.

Such notice shall be published or mailed as required, at least

ten (10) days prior to the date set by the court for hearing on the

petition. After hearing and examination upon such petition, the

district court shall approve of such supervised power of attorney if

it appears to the court that such approval would be in the best

interest of the petitioner.

D. The holder of a supervised power of attorney shall give bond

to the State of Oklahoma in like manner and with like conditions as

provided for guardians of incapacitated and partially incapacitated

persons unless the court determines that a bond is not necessary.

E. Upon the appointment of a holder of a supervised power of

attorney and approval thereof by the court, the person shall not

thereafter have the power to enter into any contract creating an

obligation against his estate except for necessities. All acts done

by the holder of a supervised power of attorney shall have the same

effect and inure to the benefit of and bind such person and his

heirs-at-law. A supervised power of attorney shall not be affected

by the subsequent disability or incapacity of the person executing

it.

F. The holder of a supervised power of attorney shall be

required to make at least an annual accounting to the court and to

the person of any receipts and disbursements received or

expenditures made by the holder of the supervised power of attorney

on behalf of such person during the previous year. The court shall

set the accounting for hearing and cause notice to be mailed to the

person and to each of his heirs-at-law at such heir's address as

last known to the holder of the power of attorney at least ten (10)

days prior to the hearing. At the hearing the court shall examine

such account and approve the same if all receipts appear to be

accounted for and if all expenditures appear to be proper and in the

best interests of the ward.

G. The holder of a supervised power of attorney may receive as

compensation for his services the compensation provided by law for

Oklahoma Statutes - Title 58. Probate Procedure

guardians pursuant to the provisions of Section 4-401 of Title 30 of

the Oklahoma Statutes if allowed by the court.

H. Except as otherwise provided in this section, the holder of

a supervised power of attorney shall comply with all laws applying

to the estate of a person under guardianship insofar as they pertain

to the sale, mortgage or leasing of the property of a person

granting such power.

I. A supervised power of attorney may be discharged by the

court upon the application of the person, any of his heirs-at-law,

or the holder of the supervised power of attorney or otherwise upon

such notice to the person, his heirs-at-law, or the holder of the

supervised power of attorney not joining in the petition as the

court may determine reasonable and proper, when it appears that the

supervised power of attorney is no longer necessary. Upon the

termination of a supervised power of attorney, a holder of a

supervised power of attorney shall account to the court and shall

turn over all assets in his possession belonging to the person

either to such person or to his personal representative as the court

shall direct.

J. A holder of a supervised power of attorney shall keep safe

the estate of the person and shall perform diligently and in good

faith, as a prudent person would manage his own property, not with

regard to speculation but with regard to conservation and growth,

the specific duties and powers granted by the supervised power of

attorney.

K. As used in this section the term "heirs-at-law" shall mean

those persons then living who would inherit from the person

executing the supervised power of attorney under Section 213 of

Title 84 of the Oklahoma Statutes should such person die at the time

in question.

Added by Laws 1989, c. 270, § 4, eff. Nov. 1, 1989.