There are many important reasons for updating an Anaheim durable power of attorney. Most importantly, the person appointed to serve in this role should accurately reflect the person with whom you feel most comfortable accessing all of your financial affairs. Recognizing this need is a crucial first step toward ensuring that your estate plan effectively addresses your goals, needs, and wishes. The process of updating a durable power of attorney typically entails revoking the old document and executing a new one.
How do you revoke an old durable power of attorney? The following are five important steps:
- Notify all financial institutions that have been dealing with your durable power of attorney.
- Notify your former attorney-in-fact that the durable power of attorney is being revoked.
- If the designated former attorney-in-fact has since passed away, and no successor was named, the document has already terminated.
- If the designated former attorney-in-fact is an ex-spouse that you have divorced since signing the document, the power granted under the durable power of attorney is automatically revoked.
- Destroy all copies of the old durable power of attorney.
Since the durable power of attorney grants such a broad and powerful authority to the agent or attorney-in-fact, ensuring that the older document is properly revoked is very important. Allowing an old power of attorney to exist may expose you to substantial risk and liability. For example, without taking the proper steps, your bank may not be aware that you have executed a new power of attorney and would therefore still allow the prior agent to access your accounts. Fortunately, an experienced attorney can carefully walk you through this process to minimize any risks.
For more information about updating an estate plan, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Call our office of experienced Anaheim trust modification attorneys today at (714) 459-5481 for a consultation.