How Often Can You Change Your Power of Attorney?

 Posted on May 03,2024 in Estate Planning and Probate

Granting someone power of attorney is a major decision that gives them legal authority to act on your behalf. As life circumstances change, you may want to revise who you have appointed or modify the powers granted. In Texas, you can revoke or modify a power of attorney at any time as long as you are mentally competent. A Texas lawyer can help you make any changes to your estate plan or any legal documents as you wish to make alterations.

Revoking a Power of Attorney

Texas law allows you to cancel an existing power of attorney whenever you wish. The revocation must be accomplished through a written document signed by you or through the execution of a new power of attorney that expressly revokes the previous one.

It is advisable to send a revocation notice to entities that may have received the initial document, such as financial institutions. This creates a clear record and prevents the previous agent from continuing to act on your behalf.

Updating Rather Than Revoking

In some cases, you may only need to update certain provisions rather than revoke the entire document. For example, you may want to:

• Name a new agent while keeping the powers unchanged
• Modify the specific powers granted to the existing agent
• Add or remove co-agents

Making limited changes through an update avoids having to redo the entire document from scratch. Any alterations should be executed as a formal amendment through a written instrument signed and dated by you.

When Changes Might Be Warranted

Some common scenarios where you may want to revoke or update a power of attorney in Texas include:

• Changes in Personal Circumstances: Marriages, divorces, moving out of state, or family conflicts could lead you to want a different person acting as your agent.

• Agent's Changing Capacity: If your appointed agent becomes incapacitated or develops problems like addiction or financial troubles, you will likely want to name someone else you can rely on.

• New Estate Planning Needs: As your estate and financial situation evolves over time, you may need to modify your agent's authority to align with your current estate planning strategy.

No matter the reason, feel empowered to make any needed revisions to your power of attorney document. Having an appropriate, up-to-date agent you trust is crucial to ensure your wishes are properly carried out.

Contact a Bexar County, TX Estate Planning Lawyer

Neglecting to revoke or amend a power of attorney that no longer reflects your preferences can expose you to risks. An agent could continue taking actions that are misaligned with your interests and against your desires. You can work with a Comal County, TX estate planning attorney to properly execute the revocation or amendment. Call Geoff Mayfield, Attorney at Law at 210-535-0870 to begin your free consultation.