This form is used when a Principal declares that all power and authority granted under a Power of Attorney to a specified individual, as Agent and Attorney-in-Fact which was recorded for Principal is revoked, terminated, and withdrawn as of the Effective Date stated on the form.
New York Notice of Revocation Power of Attorney for a Recorded Power of Attorney: An In-depth Explanation In the state of New York, a power of attorney (POA) grants an individual (the agent or attorney-in-fact) the legal authority to make decisions, manage affairs, and act on behalf of another person (the principal). However, there may be instances where the principal wishes to revoke the authority previously granted. In such cases, a New York Notice of Revocation Power of Attorney for a Recorded Power of Attorney must be submitted. The Notice of Revocation is a legal document that officially terminates the powers granted under a recorded POA. It is crucial to follow the correct procedure to revoke a power of attorney in New York, ensuring the revocation is legally valid and recognized by relevant parties. Recording the revocation is particularly important as it serves as public notice, alerting third parties (such as financial institutions and healthcare providers) that the previously appointed agent's authority has been terminated. Key Points to Consider: 1. Types of New York Notice of Revocation Power of Attorney for a Recorded Power of Attorney: a. Notice of Revocation of Power of Attorney (Standard): This form is commonly used to revoke a power of attorney. It includes necessary information such as the principal's name, agent's name, effective date of the POA, and revocation date. b. Notice of Revocation of Power of Attorney with Alternative Agent Designation: In some cases, the principal may choose to designate an alternative agent to replace the revoked agent. This form allows for the appointment of a new agent simultaneously with the revocation, ensuring a smooth transition of power. 2. Process and Requirements: To effectively revoke a recorded power of attorney in New York, the following steps should be taken: a. Utilize the appropriate form: Choose the suitable Notice of Revocation based on the circumstances. b. Gather necessary information: Collect all essential details, including the names of the principal and agent, the original POA's execution date, and a brief explanation of the revocation's intent. c. Sign and notarize the document: The principal must sign the Notice of Revocation in the presence of a notary public. Notarization ensures the authenticity and legality of the revocation. d. Record the revocation: Submit the completed and notarized Notice of Revocation to the same office where the original power of attorney was recorded. This step is crucial to provide public notice of the revocation. e. Communicate the revocation: Notify the previously appointed agent, relevant financial institutions, healthcare providers, and any other parties who relied on the original power of attorney about the revocation. This step ensures compliance and prevents unauthorized actions by the former agent. In conclusion, the New York Notice of Revocation Power of Attorney for a Recorded Power of Attorney is an essential legal document that allows the principal to terminate the authority previously granted to an agent. By following the correct procedure, involving the completion, notarization, and recording of the revocation form, the principal can ensure that the agent's powers are legally revoked, providing notice to third parties. It is crucial to remember that not properly revoking a power of attorney may lead to continued liability and potential unauthorized actions by an agent who should no longer hold authority.
