Power of attorney is essential for estate planning, financial management, and more. The document is created by a person (principal) authorizing another person (agent) to act on their behalf in certain situations. The document can take effect upon signing or when a specified event occurs.
It can permanently be revoked or terminated when a specified task is completed. The principal can also revoke or edit a power of attorney to align with their needs or unique situation. Read on to learn how to update or edit a power of attorney.
Notify the Person Currently Holding the Power of Attorney (Agent)
The first step when updating your power of attorney is notifying the person assigned under a power of attorney, or simpler terms, the agent. It would be best to inform them that you want to terminate, reduce their authority, or even change the power of attorney. This will ensure the agent stops taking action immediately to await the new changes to take effect. It can also help the agent make necessary adjustments if you want to add more power or authority to them.
Write the Changes
Please note that you can only revoke or update a power of attorney in writing. You can make the necessary updates by filling out a specific form of power of attorney or writing your notice, but ensure it meets your state law requirements. The most important thing is to outline the new changes clearly. If terminating it, indicate that you are revoking it.
Include All Required Languages
Different states have unique requirements for what language a revocation or change of power of attorney must include. Typically, you will need the name of the power of attorney, your name, the name of the agent, the date the changes or revocation takes effect, and the language you are revoking or changing in the existing power of attorney. Be sure that the language meets the requirement of your state.
Once you make the changes, you should notarize the document to make it legal. Notarizing involves signing the new power of attorney before a notary public. However, you must write a simple notice if you are canceling a power of attorney.
Notify All Concerned Parties
The last step involves notifying all parties who should know about your power of attorney changes. So reach out to persons who might have worked with the agent. For instance, if you had authorized your agent to handle your bank account and transactions, you should notify your bank about the changes or revocation. And the bank will take the necessary actions to abide by your changes.
Another example is making an update on your medical power of attorney. You should notify your doctor and other members of the family about the changes. This would ensure your doctor contacts the new agent if you terminated the power of attorney of the previous one.
In case you want to update a power of attorney, Forms. Legal is here for you. We provide power of attorney form templates that can help you to create, update or change your current power of attorney.