When planning your estate, you have likely set up a will and trust fund to ensure your property is distributed according to your wishes before and after passing. One thing you may have considered is appointing power of attorney. If this is something you have done and wish to make a change, you may not know if this is legal. Luckily, in New York, the principal can revoke the power of attorney in most cases. To learn more about this process and how a Nassau County estate planning lawyer can help you navigate it, you’ll want to continue reading.
What Is Power of Attorney?
Power of attorney (POA) is a legal term given to a person who has been authorized to act on behalf of someone else. The person who appoints another is known as the principal. Generally, the power of attorney can make medical and financial decisions. There are several kinds of POA options you can choose if you would like to appoint someone to this role.
The most common place to hear about power of attorney is in relation to medical decisions. Generally, people will appoint someone a medical attorney to make medical decisions for the principal should they become incapacitated and unable to do so. Without granting power of attorney, the healthcare provider must follow the state’s standards for next of kin.
A limited power of attorney gives someone control over certain matters. For example, someone with a limited POA may only be able to act if the principal is abroad. However, a durable power of attorney will remain in control of the terms of the agreement following the incapacitation of the principal.
Why May Someone Want to Revoke This?
There are a number of reasons someone may want to revoke the authority they have granted to another person. The most common is that the relationship may be strained for several reasons. Whether you no longer get along with this person or they have actively stolen from or lied to you, this is a valid reason to revoke someone’s authority.
However, there are other, less nefarious reasons you may want to change who serves as your agent. For example, if the person you authorized to act on your behalf becomes too ill to serve, you should update this decision. Similarly, if they pass away, you will want to appoint a new agent if you did not previously name a successor.
Can an Attorney Help?
If you wish to revoke the power of attorney you have appointed, it’s best to enlist the help of a qualified attorney first. They will be able to help guide you through the process to ensure everything is legal. It is important to note that you must be mentally capable if you wish to revoke this decision, as you may be unable to if you are considered not of sound mind. An experienced attorney can help you fill out the necessary forms before guiding you through the process of appointing a new power of attorney if you wish to do so.
At Barrows Levy PLLC, our experienced estate planning attorneys can help guide you through this process to ensure it is as simple as possible. Contact us today to learn more about how we can help you navigate this process.