A Power of Attorney (POA) is a legal document that designates someone to act on your behalf in legal, financial, or health matters. There are several types: General POA (broad authority for temporary use), Durable POA (remains in effect if you become incapacitated), and Medical POA (for healthcare decisions).
A POA ensures that your affairs are managed if you can’t handle them yourself, preventing the need for a court-appointed guardian and saving time and costs. It also allows someone to make medical decisions according to your preferences. In estate planning, a POA complements wills and trusts by managing assets not covered elsewhere and ensuring your healthcare wishes are followed.
Revoking a Power of Attorney (POA) may be necessary if you no longer wish for the appointed agent to act on your behalf or if circumstances change. Common reasons include a loss of trust due to changes in the agent’s behavior or relationship, the agent’s incapacity, evolving financial, legal, or health situations requiring a different person, or the agent’s unethical or illegal activities. Additionally, you may need to revoke the POA to appoint a new agent and formally terminate the previous one’s authority.
The basic steps for revoking a Power of Attorney (POA), Durable Power of Attorney (DPOA), or Medical Power of Attorney (Healthcare POA) are generally the same, although there may be some additional considerations for each type. Here’s a breakdown:
Common Steps for Revoking Any Power of Attorney:
Draft the Revocation Document: Prepare a written document stating that you are revoking the POA. Include details such as the date the original POA was executed, the names of the agent and principal, and the effective date of the revocation.
Sign the Document: While notarization is not mandatory in New York, it can help ensure the document is accepted by institutions and other entities.
Notify the Agent: Inform the agent in writing that their authority is revoked. This prevents them from continuing to act on your behalf.
Notify Relevant Parties: Send copies of the revocation to any institutions or individuals that were relying on the original POA, such as banks or healthcare providers.
Additional Considerations:
Medical Power of Attorney (Healthcare POA): For healthcare POAs, you should notify your healthcare providers directly, as they need to know who has the authority to make medical decisions on your behalf. It’s also important to inform any family members involved in your healthcare decisions.
Durable Power of Attorney (DPOA): Since a DPOA remains in effect even if you become incapacitated, ensure that the revocation is communicated clearly to all relevant parties, especially if the DPOA was used for financial management or other important matters.
If you need to revoke a Power of Attorney or have questions about the process, don’t hesitate to reach out to an estate planning attorney. At Roth Elder Law, we offer expert guidance to ensure your revocation is handled properly and to help you make any necessary updates to your estate plan. For assistance, call us at 607-962-6162 or complete this intake form, and we’ll get in touch to schedule a consultation.