Submitted by Anonymous on Fri, 06/05/2009 - 09:04
For various reasons, I need to revoke my old power of attorney and draft a new one with a new agent. Can I do that and if so what should I do to do it right?
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Editor's Response
Yes, you can. First, it is always best to get an attorney when drafting or revoking a power of attorney. They are a crucial part of your estate plan and give the agent you name a huge amount of power. That said, there are a few steps to think about: (1) The new power of attorney should have language revoking any prior power of attorney; (2) If possible, physically collect the first power of attorney from the original agent and destroy it; (3) In situations where that is not possible (such as if your old agent lives out of state), send a letter by certified mail telling the old agent that the power of attorney is no longer valid and asking her to return it to you; (4) If you gave a copy of your old power of attorney to a financial or other institution, send a certified letter explaining that the original is no longer valid (and provide them with a copy of the new power of attorney, if appropriate), and asking them to return the old document to you. Again, I advise you to discuss this process with your attorney. Good luck, and please tell your friends about The Forum.