Updating power of attorney
If your state has recently passed the UPOAA, the following are some of the major changes that affect your Power of Attorney: If you find any of the above changes apply to your previously drafted Power of Attorney and you would like to update it at this time, you can revoke your previous Power of Attorney and create a new Power of Attorney that complies with state law.Also see Updating Your Power of Attorney for Recent State Law Changes.This power of attorney should state that it is revoking any prior powers of attorney executed by you, thereby terminating the original attorney-in-fact’s authority.Prepare a separate revocation or notice of revocation of power of attorney.Even if your new power of attorney revokes your older one, giving immediate written notification of revocation may be wise if there has been misconduct or mistrust between you and your attorney-in-fact.Provide copies of the new power of attorney or notice of revocation to parties with whom you normally transact business and make sure they understand that your prior attorney-in-fact no longer has authority to legally act for you.The document is flexible and can be prepared to meet your specific needs.
A power of attorney is an important document for everyone to have.A Durable Power of Attorney is effective when signed and, contrary to popular belief, there is no requirement that the Principal be incapacitated or unable to handle their own finances in order for the Agent to have the power to act.Therefore, once signed, the Principal and Agent have the power to transact all business that the Durable Power of Attorney allows for.Get started This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm.
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A Durable Power of Attorney is a document by which a person (the Principal) can designate an Agent (an Attorney-in-Fact) to act on his or her behalf with respect to financial or legal matters.