In this article, we will explain how to revoke powers of attorney. We will answer “What is the Power of Attorney?” , “Why Would You Want to Revoke Power of Attorney?” and “What are the Types of Power of Attorney?” and explain How to Revoke Power of Attorney.
A power of attorney gives an individual the ability to act on your behalf to make decisions in various legal situations. Events that can require a POA can include getting into an accident that leaves you physically unable to make such decisions for yourself, or even handling the matters of an estate during an extended vacation. There are multiple types that can be granted, with varying degrees of functions. For more information, you can also read our article Powers of Attorney Explained.
Enormous amounts of trust are placed in the hands of the those with power of attorney, so it is equally important to make sure that those you have appointed are trustworthy themselves. Although it can be an unfortunate situation, those with power of attorney may abuse it. In the case of durable and springing types of power of attorney a relationship with the agent you’ve appointed could sour, which can result in the desire to prevent this individual from handling your affairs in the event of incapacitation. Before we learn how to revoke this power, let’s review the different types.
This type of POA is also for a short amount of time, and often is used for someone to act n your stead when you are away. This usually includes signing of legal documents for purchased land or other assets.
This is the most comprehensive POA, and gives another individual the power to act in your best interest on your behalf. This can be as simple as signing legal documents, but can also extend to financial decisions such as filing taxes and deciding how to handle investments.
In situations where you are rendered incapacitated, this type remains in effect and allows those you appointed to make sure your affairs are in order. This is a preparatory measure, and is used to make sure that you have nothing to worry about in the event where life becomes uncontrollable.
Similar to the durable type, this type of power of attorney is only activated upon your incapacitation. You can dictate what type of situation this would go into effect, including the specific requirements needed in order your appointed agent to move forward with acting power of attorney.
Although it can be easy to simply declare that the agent in question is no longer able to become your acting power of attorney, it is imperative that you make sure that all precautions are taken to ensure that that person is unable to do so. There are a few ways to go about doing this.
Many power of attorney documents include provisions that provide that in the event that a new POA is appointed, the power of the previous person is overridden. This can be discussed with your lawyer with whom you established the power of attorne.
The process for revoking power of attorney is a bit more complex that creating a new one. Below, we will break down what is necessary in this process:
By using these steps, you can successfully revoke the powers of attorney.