How to Transfer a Power of Attorney

By Lisa Magloff

A power of attorney is a legal document that allows someone to act on your behalf; this person in known as an agent, or attorney-in-fact. A power of attorney can allow someone to manage your financial affairs or make health care decisions in the event you become incapacitated. To transfer a power of attorney from one agent to another, you will need to revoke the original power of attorney document and write a new one. You can revoke a power of attorney at any time and for any reason -- or for no reason.

A power of attorney is a legal document that allows someone to act on your behalf; this person in known as an agent, or attorney-in-fact. A power of attorney can allow someone to manage your financial affairs or make health care decisions in the event you become incapacitated. To transfer a power of attorney from one agent to another, you will need to revoke the original power of attorney document and write a new one. You can revoke a power of attorney at any time and for any reason -- or for no reason.

Step 1

Create a statement, in writing, revoking your current power of attorney. Your lawyer can do this for you. You can also download a free, standard revocation form online. The statement should include your name and the date, a statement that you are of sound mind and a statement that you wish to revoke your power of attorney. Include the date of the original power of attorney and the agent's name. You should sign the revocation letter.

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Step 2

Prepare a witness certificate if you are revoking a durable power of attorney. Durable power of attorney documents only become effective in the event that you are incapacitated. The witness certificate shows that you are mentally competent to revoke the power of attorney.

Step 3

Sign the revocation letter. Have two witnesses sign the revocation letter or the witness certificate. The witnesses should be people who know you but are not related to you -- and do not stand to inherit in the event of your death.

Step 4

Draw up and sign a new power of attorney document naming a new agent. Make copies of this form.

Step 5

Make copies of the revocation letter. Deliver a copy of the revocation letter to your former agent and to any institutions that received the original power of attorney, such as financial institutions, healthcare providers or attorneys. At the same time, deliver copies of the new power of attorney document to the new agent and any institutions that will be dealing with your new agent.

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References

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