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.

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.

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.

Ready to appoint a power of attorney? Get Started Now

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.

Ready to appoint a power of attorney? Get Started Now
Medical Power of Attorney Explanation
 

References

Resources

Related articles

How to Change the Executor of a Will

The executor of your will is the person who will carry out the instructions in your will when you die, according to the American Bar Association. This person will be responsible for paying any remaining debts you have and for distributing your property to the beneficiaries you name. If you need to change your executor, you may do so by writing an amendment to your will, known as a codicil, according to the American Bar Association.

How to Get a Power of Attorney Dropped

When you give another person a power of attorney, she becomes your agent and can act on your behalf in the matters you authorize in the power of attorney document. You, the principal, have the right to revoke your agent's powers at any time and for any reason. Revoke your agent's powers in writing as soon as you make the decision to prevent her from continuing to act on your behalf.

Can a Power of Attorney Have a Debit Card?

A power of attorney is a legal document you can create to name another person to act in your place. Powers of attorney are both helpful and dangerous, depending on the integrity of the person named as your agent. A general power of attorney confers broad powers, including the right to access bank accounts with debit cards.

Related articles

How to Release the Power of Attorney

Many estate planning professionals recommend powers of attorney as worthwhile tools to keep the details of your life ...

How to Nullify an Executor on a Will

If you want to nullify the executor on your will, you can amend your will by executing a codicil. Codicils are suitable ...

Do I Need a Lawyer to Add an Executor to My Will?

Even after you make a will and sign it, you can change it. Over time, you may want to change beneficiaries or executors ...

Can a Person Give or Turn Over Her Power of Attorney to Someone Else?

Although a power of attorney involves two persons, it is not a contract and can be unilaterally revoked. The person ...

Browse by category
Ready to Begin? GET STARTED