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Can You Cancel the NY Durable Power of Attorney?
by Mark A. Krohn, Partner
Jacobowitz & Gubits, LLP
Did you know that you can give durable powers of attorneys to as many people as you choose?
For example, you can give one to each of your children, and one to your lawyer.
Notwithstanding, it is generally not advisable to give out more than one durable power of
attorney at any given time. Should you need to do so, you can easily cancel a durable power of
attorney by "declaring" that it is canceled. You generally are not required to put the cancellation
in writing, but simply announce that it is canceled to the holder. However, revocation in writing
is preferable. Also, in practice it is advisable to get back all copies of the durable power of
attorney if possible. You should give actual notice of the cancellation, in writing, not only to the
holder but also to all those people and institutions you believe might be asked to honor the
durable power of attorney.
When giving a NY durable power of attorney, there exist several opportunities to minimize your
risks:
- Give a durable power of attorney to a third person, such as your attorney or friend, to
hold until it must be used;
- Sign a "springing" durable power of attorney, which only becomes
effective at the time you become incapacitated whereon it "springs into effect;"
- Name more
than one person as an agent on your durable power of attorney and designate that they must act
jointly.
The problem with the last opportunity is that, in time of need, all agents must be located
and must act together which can be impossible should one or more be unavailable for any reason.
Preparing a NY durable power of attorney is perhaps the single most important thing that one can
do to protect their assets. However, the durable power of attorney is a powerful document and
one should exercise great care in distributing same. In the event it becomes advisable to revoke a
previously issued power of attorney, revocation in writing is preferable in addition to obtaining
all copies back. Finally, actual notice of the cancellation, in writing, should be given to all those
you believe may be asked to honor the power of attorney.
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