A power of attorney is one of the most important legal positions you need to fill when creating your will and estate plan. You should review your estate plan every so often to make sure the person chosen is still alive or still in your life. Today, we will take a look at how you can transfer a power of attorney to a different person after you've already named them in your estate plan.
You are allowed to change your power of attorney at any point in your life. It's important that you notify your attorney of the change so he or she can change the wording used in the legal documents so that the prior choice does not continue to hold any power.
There are quite a few reasons why a person might want or need to transfer their power of attorney. Those reasons include the following:
- You have gone through a divorce
- You have gotten remarried
- Current power of attorney has died
- Current power of attorney has become legally incompetent
- You no longer trust your current power of attorney
- You have lost contact with the current power of attorney
It's important for you to review your estate planning documents every couple of years. This helps you update the documents when there are big changes in your life that trigger an update to your estate plan.
The transfer of power of attorney is an important legal ability that everyone has in life. Just make sure that you are of legal competence to make the transfer and choose a new power of attorney.