Legal Question in Wills and Trusts in New York

Re: Revoking Power of Attorney

Since the Power was given when you were an adult, it is valid. It can be revoked by simply writing to the holder and stating that the Power is now revoked. If the Power was recorded anywhere, a copy of the revocation must also be recorded. Anyone to whom the Power was delivered must also be advised of the revocation, in writing. Finally, where were the proceeds of the inheritance placed for holding (bank, brokerage firm, etc.)? In whose name were the funds invested? To get back your inheritance, you need to contact the entity holding the funds and place them in your name alone. If the account was opened using the Power, they must also be advised that the Power has been revoked.

Last item: since you were an adult (age 19) when you received the inheritance, was the Power issued based upon the fact that the Will providing the inhertitance withheld your receiving it until you were 21 (a usual provision). If this was the case, merely revoking the Power will not entitle you to free use of the inheritance until you are 21, so your mother may still have the right to hold and invest the funds for you until you reach age 21.

Walter

Re: Revoking Power of Attorney

A power of attonrey can be revoked at any time. You will have to advise the person that the power has been revoked. To protect yourself, you should also advise anyone relying upon the power of attorney.

Daniel Clement