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In order for any power of attorney to be valid, the person signing the document must be mentally competent to know and understand what he/she is doing and the legal consequences of executing a document. Thus, if your father is not mentally competent as diagnosed or stated by his treating physicians, then this new POA should not be legal.
Also, even if this POA were legally executed by your father, it would not necessarily revoke your POA unless the new POA says he revokes any previously executed POA's.
That said, if your father is not capable of knowingly executing a new POA, you should have the ability to file a petition in court to set aside and cancel this new POA based on his diminished mental capacity.
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