New York Revocation of Statutory Power of Attorney
Definition and meaning
The New York Revocation of Statutory Power of Attorney is a legal document used to formally revoke a previously granted statutory power of attorney. This means that a person who has named an agent or attorney-in-fact to handle their affairs can decide to cancel this authority at any time. The revocation must be clearly stated and communicated to the respective parties involved, especially the agent, to be effective.
Who should use this form
This form is suitable for any individual in New York who has previously executed a statutory power of attorney and wishes to revoke that power. Common scenarios include:
- Individuals who have changed their mind about the agent they selected.
- People who no longer require the power of attorney due to changes in their circumstances.
- Individuals who wish to eliminate potential conflicts of interest.
Legal use and context
The New York Revocation of Statutory Power of Attorney is recognized under the New York General Obligations Law. It is important for the revocation to be executed in a manner that complies with state laws to ensure that it is legally binding. Users must understand the implications of revoking a power of attorney, as this action will strip the agent of any legal authority to act on behalf of the declarant.
How to complete a form
To complete the New York Revocation of Statutory Power of Attorney, follow these steps:
- Begin by clearly stating your name and the date on which the original power of attorney was executed.
- Identify the agent or attorney-in-fact that you wish to revoke.
- Sign and date the document.
- Provide copies to the agent and any relevant parties to ensure the revocation is recognized.
Key takeaways
The New York Revocation of Statutory Power of Attorney serves as a crucial document for individuals wishing to cancel existing powers granted to others. Key points to remember include:
- A revocation must be communicated effectively to the agent.
- This form can be executed at any time as per the declarant's wishes.
- Legal assistance may help in understanding the ramifications of revoking a power of attorney.
Form popularity
FAQ
In other words, a Revocation of Power of Attorney is written confirmation that a principal (the person who appointed power in a Power of Attorney) no longer wants or needs their attorney-in-fact (the person who was appointed power in a Power of Attorney, sometimes called an agent or donor) to act on their behalf.
"In case you forget to mention when and under what circumstances your power of attorney can be revoked, and if the power of attorney does not state it is irrevocable, then the power of attorney can be revoked if you execute a document cancelling it.
A revocable POA which has only been notarized can be cancelled or revoked by issuing a notice/letter of revocation to the Attorney. Once the deed is drafted and registered, copy of it should be sent to the Attorney intimating him of the revocation.
A principal can revoke the power of attorney while he or she is still mentally competent. A principal can complete a formal written document requesting the revocation of a power of attorney at any time, for any reason, while he or she is still competent. The principal must sign and notarize the revocation request.
The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney. You should also specify the date the original power of attorney was executed and the person selected as your agent.
Until an attorney-in-fact's powers are properly revoked, they can continue to legally act for the principal. To cancel a Power of Attorney, the principal can create a document called a Revocation of Power of Attorney or create a new Power of Attorney that indicates the previous Power of Attorney is revoked.
The Principal can override either type of POA whenever they want. However, other relatives may be concerned that the Agent (in most cases a close family member like a parent, child, sibling, or spouse) is abusing their rights and responsibilities by neglecting or exploiting their loved one.
While any new power of attorney should state that old powers of attorney are revoked, you should also put the revocation in writing. The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney.
You can end your lasting power of attorney ( LPA ) yourself - if you have mental capacity to make that decision. You need to send the Office of the Public Guardian ( OPG ) both: the original LPA. a written statement called a 'deed of revocation'