Losing or misplacing important legal documents can be a stressful experience. However, there are steps you can take to replace your power of attorney and other crucial paperwork. In this article, we will guide you through the process of retrieving your power of attorney record and protecting your instructions.
Understanding the Power of Attorney
A power of attorney (POA) is a legally binding document that grants someone, known as the attorney-in-fact, the authority to make decisions on your behalf. These decisions can pertain to financial, medical, or legal matters. It’s crucial to take precautions and safeguard your power of attorney papers. Thankfully, Trustworthy provides a secure online platform where you can store and access your power of attorney documents. To learn more about safeguarding your legal documents, book a free 15-minute tour here.
What to Do If You’ve Lost Your Power of Attorney
If you find yourself without your power of attorney papers, don’t panic. It’s possible that your lawyer might have a copy. Alternatively, you can rewrite your power of attorney from scratch. Many power of attorney forms include language that invalidates any previous versions. By revoking the lost document and creating a new one, you can ensure clarity and avoid any potential confusion.
Modifying or Terminating a Power of Attorney
You have the ability to modify or terminate your power of attorney at any time. If you lose your signed power of attorney document, it’s important to formally revoke it and destroy any duplicates. By doing so, you prevent any misunderstandings or potential misuse of the old document. However, keep in mind that you cannot revoke a power of attorney if you are mentally incapacitated. Additionally, if a court determines that your attorney-in-fact is not acting in your best interests, they can revoke the power of attorney. For more information, check out this article by Garrity Traina.
Creating a New Power of Attorney
If you decide to create a new power of attorney, there are a few key details to consider:
1. Assignee Selection
The assignee is the person who will act as your attorney-in-fact. You can choose a single individual or multiple people. In the case of multiple assignees, you should specify whether they can make decisions jointly or independently.
2. Activation Date
You have the flexibility to determine when the power of attorney becomes effective. You can choose for it to take effect immediately upon signing or specify a future date. Alternatively, you may state that the power of attorney only becomes active if you lose mental capacity for a certain period of time.
3. Scope of Authority
You can customize the powers granted to your attorney-in-fact. It can be broad, covering all financial and legal matters, or specific, focusing on particular decisions. Additionally, you may want to establish limitations on how the authority can be utilized. It’s advisable to review the power of attorney form with your lawyer and have it notarized.
Changing Someone Else’s Power of Attorney
Only a court of law or the person who assigned the power of attorney has the authority to change its status. It’s important to note that an attorney-in-fact cannot delegate their powers to someone else. If you find yourself in this situation, consult with a lawyer who can assist you based on your specific circumstances.
Reasons to Change or Revoke a Power of Attorney
There are several situations where you might consider modifying or revoking a power of attorney:
1. Loss of Power of Attorney Papers
If you’ve lost your power of attorney documentation, it’s advisable to create a new document with updated terms or revoke the old one entirely.
2. Lack of Trust in Your Current Attorney-in-Fact
If your relationship with your current attorney-in-fact has changed and you no longer have faith in their ability to act in your best interests, it may be time to revoke or change your power of attorney.
3. Selection of a New Attorney-in-Fact
You might want to change your power of attorney if you’ve identified someone else who you believe would make better decisions on your behalf.
4. Incompetence of Your Attorney-in-Fact
If your attorney-in-fact is no longer capable of handling your financial affairs due to personal circumstances, such as rapid business growth, it may be necessary to appoint a new attorney-in-fact.
5. Inaccessibility of Designee
If your designated attorney-in-fact is frequently unavailable or no longer resides in your area, it might be wise to revoke their privileges and appoint a new designee.
6. Death of an Attorney-in-Fact
If your current attorney-in-fact passes away and you have multiple representatives, you may need to assign a replacement or terminate the power of attorney altogether.
Final Steps: Notarizing, Registering, and Informing
Once you have revoked your power of attorney, it’s important to follow these final steps:
- Sign and date the revocation document.
- If necessary, have witnesses present during the signing.
- If you originally registered the power of attorney, register the revocation at your local registrar of deeds office. This ensures that after your passing, anyone dealing with your property knows that the previous attorney-in-fact no longer has authority.
- Inform the former assignee, as well as any individuals or institutions that have dealt with or may deal with the former power of attorney. Each party should receive a copy of the Notice of Revocation. This formal documentation ensures that everyone is aware that the durable power of attorney has been terminated.
Where to Send Revocation Notifications
When sending out revocation notifications, be sure to include the following individuals and organizations:
- Banks
- Mortgage lenders
- Title corporations
- Stockbrokers
- Insurance companies
- Social Security, Medicare, and Medicaid offices
- Postal services
- Physicians
- Relatives
- Business associates
- Lawyers
- Accountants
Trustworthy: Your Estate Planning Solution
If you’re looking for a reliable way to manage your estate planning information and collaborate with your loved ones, Trustworthy is here to help. With Trustworthy’s cloud-based service, you can securely upload and share your estate planning documents in one convenient location. Say goodbye to misplaced paper documents and bulky filing cabinets! Start your free 14-day trial with Trustworthy today and take the first step towards protecting your family’s financial future.
Remember, it’s crucial to retain control over your power of attorney and keep your legal documents safe. For more information and personalized advice, visit Garrity Traina.
