How to Change Power of Attorney Agents
When you change your power of attorney agent, expect the process to be extremely simple. The harder part is telling the former power of attorney agent that they are relieved of duties. This can cause conflict if you are still friends with that person.
Power of Attorney in 3 Easy Steps!
Destroy Current Power of Attorney Forms
Changing a power of attorney requires destroying all former power of attorney forms and starting over with a new power of attorney form. It is important to destroy older forms so that confusion is avoided when the power of attorney agent takes on his/her duties.
Send a Certified Letter
You must send a certified letter to your current power of attorney agent and anyone who is aware of the power of attorney such as banks or other financial institutes. Inform them of the change of power of attorney duties. Send the notification letters out with signature return so that you have proof they've received the information.
Draft a New Power of Attorney
Have a lawyer draw up a new power of attorney, or use an online power of attorney template and create one yourself. Have this new power of attorney signed and notarized and send it to those who need this information, such as the new power of attorney agent.
Reasons to Change Power of Attorney Agents
There are many reasons to change power of attorney forms. The person you previously selected may be unable to perform the duties for health reasons. Someone simply may no longer want that responsibility. If your spouse has your power of attorney and you are divorcing, you will want to change your power of attorney.
Other reasons range from finding out your agent has been charged with a crime to having your agent die unexpectedly. In each case, you need a new power of attorney.
One of the most common reasons for changing power of attorney forms is embezzling. Less trustworthy power of attorney agents might get caught pocketing some of the principal's money. If you suspect your current power of attorney is being dishonest, terminate that contract immediately.
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