Revocation of Power of Attorney

A revocation of power of attorney form enables you to change your decision concerning who you’ll want to act on your behalf regarding your personal, health care, business, or legal issues. As the name implies, you are able revoke or terminate the power and authority previously granted to this individual, referred to as your “Agent”. Just as a Principal is able to devise a power of attorney (POA), a Principal is also able to revoke that same power.

A straightforward Revocation of POA typically should identify:

• The individual that was the former Agent with the POA
• At what time the POA is required to be effectively revoked, typically immediately

1. The Way to Revoke Power of Attorney

In order to revoke power of attorney, you are first going to need to complete a revocation of power of attorney form. The form is going to determine the following fundamentals:

• Previous Agent: the name of the individual previously enabled to act on behalf of the Principal
• Principal: the name of individual previously wanting aid with business or legal issues
• Effective Date: the time the Revocation starts, typically immediately
• The Signing: the Principal and a Notary are required to sign the form
• After you and the notary have signed the legal from, the previous Agent no longer has power to act on behalf of you. Make sure to inform other people or organizations that have the POA on record of this modification.

2. The Reasoning to Revoke Your Power of Attorney

There are a lot of reasons why you might be required to cancel or withdraw authority given to a former Agent. You might be required to revoke your POA when you:

• get divorced or widowed
• return after being deployed overseas as part of military personnel
• are no longer traveling overseas and can handle your own matters
• complete your extensive travels overseas and have come back home
• had a negative experience with your present Agent and no longer trust them, or
• Your Agent is not acting sincerely or violating their fiduciary responsibilities

Don’t forget that a medical power of attorney enables you to appoint an individual to make health decisions for you, should you become incapacitated.

3. What Takes Place When You Don’t Revoke Your POA?

When you don’t cancel your former Agent’s POA, the wrong individual might have the legal control to act on your behalf in significant financial and business decisions.

By taking the time to devise a Revocation of POA, you can prevent the below suffering:

Lost opportunity cost of

• Appointing a more trustworthy individual to manage your financial issues
• Unraveling the financial and/or legal mess caused by an unreliable Agent
• Attempting to pursue an Agent that has drained your accounts

Costly lawyer fees to

• Challenge unauthorized transactions started by a former Agent
• Recoup money wrong withdrawn from Principal’s financial institution account

Mental distress from

• Experiencing a violation of trust by an Agent that misused their power
• Losing power over the appropriate conduct of your business
• Being swindled by a bad Agent, loss of your home, or embezzlement of your life savings

Source:

1. Create a revocation of power of attorney: Legaltemplates. Legal Templates. (2021, November 26). Retrieved January 6, 2022, from https://legaltemplates.net/form/power-of-attorney/revocation/

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