When you’re concerned about someone else making decisions on your behalf under an existing power of attorney or your current agent is no longer able to serve, you might want to revoke your NY Power of Attorney. Learn more about doing this in this blog but remember that once your old POA is revoked you might want to create a new one with the help of an estate planning attorney in NYC.
Here’s what you need to know about revoking a power of attorney: you can do it at any time you choose so long as you are mentally competent to do so. Your revocation does need to be in writing, is properly executed, and it’s important to notify any institutions that were aware of the previous POA and its terms. If the previously appointed agent on your POA has passed away, your document terminates, and you’ll want to replace that protection immediately.
There are state specific forms you can use to terminate an active POA. The creation of your new POA document is not enough if the other agreement is still active, so make sure that you provide written notice to the former agent that the power of attorney document previously created has been revoked. This helps to eliminate problems if an issue requiring your agent arises.
If you’re not sure what to put in your NY POA or have questions about the agent you intend to appoint, it’s wise to discuss your intentions with a NYC estate planning attorney first. Since the person in the role of agent has a substantial impact on your life while the agreement is active, you want to be very clear about what the agreement entails and the circumstances under which the document becomes active. Set up a time to speak with a lawyer today about your situation and goals.