A New York power of attorney revocation form is designed to legally terminate any previously granted power of attorney, allowing a principal to withdraw the authority given to an agent. This document must clearly specify details such as the declarant’s information and the title of the original power of attorney. To ensure effectiveness, the form should be filled out, executed, and copies distributed to the former agent and any third parties relying on the original power of attorney.
It’s crucial that these parties are informed of the revocation; otherwise, they may continue to recognize the agent’s actions without liability. The process is completed once all required signatures are collected and the document is properly submitted.
Revocation and Termination
Here are the key steps for revoking a power of attorney in New York:
- Revocation Delivery: The principal can revoke the power of attorney by:
- Delivering the revocation document to the agent in person.
- Sending the signed and dated revocation by mail, courier, electronic transmission, or facsimile to the agent’s last known address.
- Agent’s Obligation: The agent must comply with the revocation, regardless of the principal’s actual or perceived incapacity, unless the principal is under guardianship according to Article 81 of the Mental Hygiene Law.
- Recording the Revocation:
- If the power of attorney was recorded (as per Section 294 of the Real Property Law), the revocation must also be recorded.
- This should be done in the same office where the original power of attorney was recorded, and the revocation must meet the requirements of Section 307 of the State Technology Law.
- Notification to Third Parties:
- The revocation or termination of the agent’s authority is not effective against any third party who has not received actual notice of the termination and who acts in good faith under the original power of attorney.
- Actions taken by such third parties, unless otherwise invalid or unenforceable, will bind the principal and the principal’s successors in interest.
- A financial institution is considered to have actual notice of a revocation only after it has had a reasonable opportunity to act on written notice of the revocation or termination, received at the office where an account is located.
Fees
- Notary Fees: In New York, notarizing your POA revocation document costs between $2 and $5 per signature.
- Legal Fees: Revoking a POA can be done on your own, but consulting an attorney is advisable for complex cases. Legal fees vary; some attorneys charge a flat rate of $100 to $500 for POA services, while others bill hourly.
- Recording Fees: If your original POA was filed with a local New York county clerk, record the revocation there too. Fees typically range from $20 to $50, depending on the county.
Related Forms
Resources
- New York State Bar Association – Ending Your Power of Attorney.
- Law Help NY – provides guidance and information on handling POAs and their consequences in New York.
