How To Change Power of Attorney
A power of attorney (POA) is legal documentation that enables you to designate someone to act for you, typically under financial and/or medical circumstances. When you devise it, you’re the “principal”, and the individual you designate is your “agent”.
An agent is unable to transfer their authority to another individual unless the POA specifically allows it. As principal, nevertheless, transferring a power of attorney to different agent is as straightforward as retracting the current power and devising a new one. Use the following steps for you to transfer authority.
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Prepare a written statement retracting the POA.
The first step is to retract the current power of attorney. You are able to have your attorney device a statement, utilize an on-line form, or create your own. Your statement should include:
- Your full legal-name and address
- The date of the statement
- A disclosure that you are mentally fit
- A disclosure that you wish to retract the POA of [date of current POA], in which names [full legal-name and address of current agent] as agent
- The disclosure that you no longer want the agent to have any legal power to act on your behalf
Sign your statement in the presence of a notary and have them notarize it. You might also want to have witnesses of your signing to declare that you were mentally fit when you prepared it. Even though witnesses are not necessary, their presence demonstrated that you were mentally fit when you retracted it.
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Give notice to your agent that you have retracted the initial POA.
Specifically, when your current agent is a member of your family or trusted friend, it’s wise to speak with them face to face to let them know you wish to transfer your power of attorney to another individual. Following you doing so, comprise a letter and send it to the agent, declaring that you have retracted it and request that they return the initial one to you. Send the letter by certified mail so you have an account of them receiving it. You can also decide to use a delivery service that necessitates signature upon delivery. Retain a copy of it for your records.
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Provide copies of the written retraction.
Give a copy of your signed, notarized statement retracting the POA to your agent, the attorney, and any businesses or banks that have a copy of the initial one or one which you routinely do business with. Once more, use certified mail having a return receipt or a delivery service that necessitates a signature. Verify with any banks to make certain they don’t require anything else. When you retract a medical power of attorney, make certain to give copies of the statement retracting it to your doctors and/or healthcare providers.
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Create a new Power Of Attorney.
Create a new Power Of Attorney that names a new agent. It needs to also contain a statement retracting all preceding powers of attorney. As with the initial document, the new one needs to be signed and notarized (in the presence of witnesses when your state necessitates it). Give copies to the new agent along with any other parties involved.
It’s commonly wise to have both a financial and/or medical POA as part of a comprehensive estate plan should you become debilitated because of ailment or an accident. But following you creating it and giving your agent power to act on your behalf, you may eventually decide on a different agent. When this happens, make sure that you follow these
Source:
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Payet, L. (2018, October 23). How to transfer a power of attorney. Retrieved July 07, 2021, from https://info.legalzoom.com/article/how-to-transfer-a-power-of-attorney
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