The process of altering powers of attorney

On Behalf of | Dec 17, 2018 | Estate Planning | 0 comments

Estate owners in Tennessee have the right to revoke a power of attorney (POA). This is true even if the POA was originally intended to be durable. At any time, a grantor can write a letter saying that the document has been terminated. The termination becomes official as soon as the attorney-in-fact receives it. It is important to note that the attorney-in-fact has no right to maintain his or her power after it has been revoked.

However, there may be situations in which power is not relinquished voluntarily. In such a scenario, multiple copies of the revocation letter should be created and sent to applicable parties. For example, if a bank receives a copy of the letter, it will know to question any action taken by the current attorney-in-fact. Sending a copy of the letter directly to the attorney-in-fact can also be effective. Unless the letter is sent back, it is hard to prove that proper notice was never received.

It is important to note that there are two other ways in which a POA document could cease to be effective. One scenario involves the death of the person who granted those powers. Additionally, powers could be granted on a temporary basis. Upon reaching the expiration date, they’ll cease to exist unless a new document is created.

The estate planning process often continues over many years. As a person’s needs change, it may be necessary to alter or revoke certain documents. This is generally easier to do with the assistance of an attorney who can reduce the likelihood of a mistake being made.