Planning your estate requires a number of serious considerations you must make to ensure your estate is distributed to your wishes. While you may have a trustee and executor, granting someone power of attorney is something many people may not consider. However, if you have thought about who you would like to assume this role but they are not fulfilling your expectations, you may wonder if you can revoke power of attorney. The following blog explores how this is possible and how a Putnam County powers of attorney lawyer can help you navigate this process.
What Is Power of Attorney?
Power of attorney is a legal authorization that the creator or principal will offer. The individual they choose for this authority is known as an agent and acts on behalf of the principal. This is a relatively simple process, as it involves filing out a form and informing the financial institutions that would be impacted.
There are several reasons that someone would enact power of attorney. For example, if the principal knows they will be traveling out of the country for an extended vacation, they can authorize their business partner to sign legal or financial documents on their behalf. Similarly, the principal may grant medical power of attorney to their partner if they are diagnosed with a chronic illness, as this will allow their partner to make healthcare decisions on their partner’s behalf.
Why Would Someone Want to Revoke This Authorization?
Unfortunately, there are several reasons that someone may no longer want their agent to have power of attorney. One of the most common is that they no longer trust the judgment of the authorized individual. For example, if a principal grants power of attorney to their business partner, but they abuse this authorization and steal finances or make unprompted deals.
However, there are other reasons that someone may want to revoke power of attorney from their agent. If your agent becomes incapacitated or ill, they will no longer be able to serve. It is in your best interest to revoke their authority and appoint a new agent.
How Can I Revoke Power of Attorney?
If you wish to revoke power of attorney, enlisting the assistance of an experienced lawyer is recommended. Unfortunately, this can be a slightly complicated process, so having a professional on your side is essential.
To rescind this authority, you must be of sound mind. You must also send a revocation notice to the necessary party, such as the agent and any financial institutions that may have received the original power of attorney. You should also create a new power of attorney as soon as possible to ensure you have someone to act on your behalf.
When you need help managing your estate, the Law Office of Andres D. Gil is ready to help. Our New York legal team can guide you through the process of revoking and appointing a new agent. Contact us today to learn more about how we can help you through this process.