When a written approval for a power of attorney is authorized, a person grants a third-party agent to represent them on their behalf on issues of financial importance, estate planning, medical issues, business standings and other legal matters.
The use of a power of attorney, also known as a letter of attorney, has been an important legal document for many years. What if the person wanted to discontinue and effectively revoke the power of attorney agreement with their agent? Could this happen and how would the person go about accomplishing it? The good news is that revoking a power of attorney can be attained, but there are a few considerations to be made before attempting it.
How To Revoke Power of Attorney?
The best way to revoke power of attorney is to prepare a legal document known as the revocation of power of attorney. By creating this document, the person will have an opportunity to cancel the previous power of attorney document. On the document, there are a few necessary features to include. The person should write their legal name and inscribe that they are of a sound mind when the revocation of power of attorney is written. It is important to include the date of the revocation of power of attorney, as well as the date of the original power of attorney document. While a notary may not be needed for this document, it is recommended. After composing the revocation of power of attorney, the person should distribute this document to their new agent, their former agent, loved ones, banks, important financial institutions, the local clerk’s office or hospital if applicable.
When To Revoke Power of Attorney?
While the timing to revoke the power of attorney might seem vital, the truth is that this could occur at almost any age and at any opportunity. There are some events that could trigger a change in power of attorney, such as the death of a loved one, a divorce, a serious illness or a change of mind. Often, a death of an agent would trigger the person to make a change so that they can file a new power of attorney with another agent. The revoking of a power of attorney could happen at any time, sometimes with no reason at all.
Points To Consider.
Before the person revokes the power of attorney, there are scenarios to consider. A durable power of attorney agreement, which is a special kind of agreement, can only be revoked when the person is mentally competent. In addition, when revoking any power of attorney, the person should try to ask the agent for the original document back. If the agent refuses, then the person could seek legal help from an attorney.
