Written by Benjamin Kingsley
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.
A financial power of attorney can indeed be changed or revoked under certain circumstances. The principal (the person who granted the power of attorney) generally retains the right to modify or terminate the arrangement as long as they are mentally competent. It is important to note that the specific procedures for changing or revoking a power of attorney may vary depending on state laws and the terms of the original document.
To change a financial power of attorney, the principal typically needs to create a new document that explicitly states it supersedes the previous one. This new document should clearly outline any modifications to the agent’s powers or responsibilities. In some cases, it may be simpler and clearer to revoke the existing power of attorney entirely and create a new one with the desired changes.
Revoking a financial power of attorney can be accomplished through several methods. The principal can execute a formal revocation document, which should be signed, dated, and preferably notarized. This revocation should be provided to the agent and any third parties who may have been relying on the power of attorney. Additionally, some states allow for automatic revocation upon certain events, such as divorce if the agent was the principal’s spouse.
It is crucial for the principal to communicate the changes or revocation to all relevant parties, including financial institutions, to ensure they are aware of the updated status. Failure to properly notify these entities could result in the continued recognition of the old power of attorney, potentially leading to unauthorized actions by the former agent.
In cases where the principal has become mentally incapacitated, changing or revoking a power of attorney becomes more complex. At this point, interested parties may need to petition the court to intervene and potentially appoint a guardian or conservator to manage the principal’s affairs. This underscores the importance of carefully considering the choice of agent and the powers granted when initially creating a power of attorney.
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.