Terminating power of attorney in Manalapan Township is an important legal tool that you need to understand when making your estate plan. You will want to know when you can terminate a power of attorney and what your options are.

An experienced power of attorney lawyer may assist you with your decision to appoint or terminate a POA. You may learn more about your options and steps you may take during your free consultation.

What Is a Power of Attorney?

A power of attorney (POA) is a legal document that authorizes someone to act on another’s behalf. The principal is the person who gives the power and executes the document, while the authorized person is the agent.

An agent’s primary duty is to act in the principal’s best interest. The specific duties of the agent and when these powers go into effect depend on the type and terms of the power of attorney.  However, the principal can take steps to terminate the power of attorney in Manalapan Township if they change their preferences or have concerns about the agent’s actions.

A POA is only in effect during the principal’s life. This means that the agent’s powers end at the time of the principal’s passing.

Kinds of Power of Attorney

Several different POAs exist, including durable, limited, springing, general, and healthcare.

  • A durable POA is active from the time of execution, even if the principal is not incapacitated
  • A limited POA gives the agent limited powers over specific tasks or at a specific time
  • A springing POA is only active when a specific event occurs, such as incapacitation or disability
  • A general POA gives the agent control of financial, business, real estate, and legal matters
  • A healthcare POA allows the agent to make medical decisions for the principal

In Manalapan Township, understanding the specific type of POA is crucial, particularly regarding its termination process.

Who Can Terminate POA?

Only the principal can terminate a POA in Manalapan Township. The principal can also amend the POA if desired. However, if the principal cannot take action themselves, other parties may override the POA.

A person with an interest in the principal’s welfare may petition the court to override the POA. If the court agrees, it may appoint a guardian to act in place of the agent.

Family members, friends, and healthcare providers may file a petition to override a POA. Agencies like Adult Protective Services may also step in if they suspect abuse or neglect.

Options for Terminating Power of Attorney

The principal must write a revocation to revoke or amend a power of attorney in Manalapan Township. This document must explicitly state that the principal is revoking the POA and must be signed, dated, and either notarized or witnessed.

At the same time, the principal will want to complete a new power of attorney, appointing a different agent to handle their affairs. They must inform the terminated agent of the revocation and file both the revocation and the new POA documents with the appropriate institutions, such as banks and healthcare providers.

If the principal wishes to keep the same agent but change the terms of the POA,  they must complete both a revocation document and a new POA. The principal should file the updated POA in the same way as a termination.

Speak to an Attorney about Terminating a POA in Manalapan Township

Nesevich Law, LLC offers skilled estate planning services. Whether you need assistance creating an estate plan or making changes to an existing power of attorney, we are here to help.

Terminating a power of attorney in Manalapan Township is a significant decision. Our experienced lawyers can guide you through your options and help you make the best choice for your situation. Schedule a free consultation to learn more.