If for any reason, you become unhappy with the person you have appointed to make decisions for you under a durable power of attorney, you may revoke the power of attorney at any time. There are a few steps you should take to ensure the document is properly revoked.
If you execute a new power of attorney, it should state that old powers of attorney are revoked. However, you may also put the revocation in writing. The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney. You should also specify the date the original power of attorney was executed and the person selected as your agent. It should be signed by you according to the same requirements needed to execute a power of attorney in your state. Send this revocation to the agent under your old power of attorney, as well as your new agent, and any banks or financial institutions that you are working with. Attach your new power of attorney to the revocation.
You will need to get the old power of attorney back from your agent. If you can’t get it back, send the agent a certified letter, stating that the power of attorney has been revoked to put them on notice that they are no longer allowed to act on your behalf.
Finally, because a durable power of attorney is the most important estate planning instrument available, if you revoke a power of attorney, it is important to have a new one put into place immediately. An elder law attorney can assist you in revoking an old power of attorney and drafting a new one.
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