What happens when the Power of Attorney you created no longer carries out your best interests? What do you need to do to get rid of your current Power of Attorney form? All you need to do is create a form to revoke your Power of Attorney. The form you need to create is called a Revocation of Power of Attorney.
A General Power of Attorney is often written without a particular length of term or time limit. And, it gives the attorney-in-fact or agent the same legal abilities as the person issuing the Power of Attorney. You will need a Revocation of Power of Attorney form to revoke a Power of Attorney.
Why you might want to draft a Revocation of Power of Attorney?
What happens, for whatever reason, you no longer need your General Power of Attorney? Or, your an ex is your attorney-in-fact on your Durable Power of Attorney? How about you aren’t getting along with your agent for your Limited Power of Attorney?
There are literally thousands of issues for why you might want to revoke or cancel a Power of Attorney, here is list of some of the more common reasons that you would need a Revocation of Power of Attorney form:
- The Power of Attorney is no longer needed because you are able to make decisions on your own behalf
- You no longer trust the person who is acting as your attorney-in-fact
- You have found a more suitable candidate to act as your attorney-in-fact
- It is no longer practical to have your attorney-in-fact acting on your behalf. For example, your attorney-in-fact no longer resides in the same jurisdiction as you
- The purpose of the Power of Attorney has been fulfilled and there is no longer a need for an attorney-in-fact to act on your behalf
How do you prepare a Revocation of Power of Attorney?
Canceling a Power of Attorney is fairly simple, yet requires diligence and effort to ensure that all parties are made aware of the legal action of revocation. First, the document revoking the Power of Attorney should be written stating explicitly that the Power of Attorney issued to the attorney-in-fact is being revoked.
Make sure you include the date of the original Power of Attorney and the date the Revocation of Power of Attorney is to be enacted. Follow the same standard of witnesses and/or notary as was done on the initial Power of Attorney to insure legal compliance.
The next steps can be a little more burdensome, depending on the scope of the Power of Attorney. It is absolutely critical that you mail or provide a copy of the Revocation of Power of Attorney to all parties involved who have come into contact with the original Power of Attorney, including the attorney-in-fact.
For example, if the Power of Attorney was Limited and only used for one purpose, then only persons or organizations dealing with the attorney-in-fact are required a copy.
However, if you have a Durable Power of Attorney, it is important to notify, with a copy of your Revocation of Power of Attorney, all of the institutions that you have dealings with, whether financial, medical, legal and more depending on the individual.
Additionally, some jurisdictions require a legal notice to be published to help provide an additional level of protection.
Revocation of Power of Attorney is a very important legal document should your needs arise and taking a thoughtful approach to making everyone you conduct your affairs with aware of the revocation can save time and a lot of financial and legal frustration.