How to Revoke a Power of Attorney: Step-by-Step Instructions

Life circumstances vary with time; any unexpected event may occur at any time. Such a thought gives a person a sense of insecurity unless they have a power of attorney in place to ensure their affairs are managed as per their wishes. A power of attorney is a legal document that allows an individual (Grantor) to grant an attorney-in-fact (agent) the authority to act on their behalf. So in situations where a grantor may become incapacitated, there is someone to delegate the decision-making powers. In this step-by-step guide, we will provide you with valuable information on creating a power of attorney.

Understand the Basics

Before getting started with the process of revoking/amending power of attorney, it is important to gain a clear understanding of its basics. This legal document encompasses several key elements basics, which we will explain below:

Power attorneys can vary in type, and developing a basic understanding of these will help you decide which one you require. Let’s get started.

General Power of Attorney

This type of power attorney is suitable for those who need it for short-term situations. Under this, an agent is chosen and provided with broad powers to handle various financial and legal matters on behalf of the Grantor.

Durable Power of Attorney

This type of power attorney is crucial for long-term planning when someone must continue managing the Grantor’s affairs if they are unable to do so. The critical difference between the general and durable power of attorney is that, in the latter’s case, the authority granted to the agent remains in effect even if the principal (Grantor) becomes incapacitated. 

Responsibilities of the Attorney-in-Fact

Since the attorney-in-fact will make essential decisions on the granter’s behalf, it’s vital to choose someone reliable. The agent will have essential duties and responsibilities to fulfill, with some key ones being:

1. Acting in the best interest of the Grantor 
2. Make Informed decisions 
3. Managing financial affairs 
4. Handling legal matters
5. Communicating effectively
6. Confidentiality trust

However, the agent’s responsibilities may vary depending on the specific power granted in the document. To prevent any misunderstanding or conflicts, it’s important to clearly define these specific responsibilities and duties in the power of attorney document.

Revoking or Changing a Power of Attorney

As we stated earlier, life circumstances can change unexpectedly, and there may come a time when you no longer trust your current attorney-in-fact. In such a situation, you would want to revoke the status of power of attorney from your agent. Whether you wish to revoke or change a power of attorney, It’s crucial to understand the process involved. Here are the essential steps in revoking and changing the power of attorney.

1. Reviewing the original power of attorney document: Start reviewing the original document, take note of the power granted, the name of the agent, and any specific instructions or limitations in the document.

2. Determining the intentions: Understand and decide if you wish to make a revocation or just amends to certain aspects.

3. Consulting the right attorney: To follow the proper legal procedures and safeguard your interest, consult an attorney. Choose from amongst the expert Powers Of Attorney Lawyers.

4. Draft revocation/amendment document: Prepare a revocation or amendment document with the help of your attorney. Be sure to state your intentions clearly. The document must include your name, contact information, and so of the attorney-in-fact, date of original document, intent, amendments, and signature along with the date. 

5.  Serve notice to attorney-in-fact: Now, it’s time to serve notice to attorney-in-fact.    Through a certified mail with a return receipt or by any means specified in state’s laws, serve notice. Make sure to retain the proof of delivery as evidence.

6. Notify relevant parties: You may need to notify banks, healthcare providers, and other entities that may have relied on power of attorney.

7. Update your records: At this point, records or relevant documents such as wills or trusts that may have references to the original power of attorney documents must be updated.

8. Consider creating a new power of attorney: Work alongside your attorney to create a new document that aligns with your current wishes. 

Safeguarding the Revocation or Amendment Document

Once you’re done preparing the revocation or amendment document, it is important to safeguard it. You can ensure the integrity and accessibility of the document by employing the following measures:

1. Make several copies of revocation or amendment documents for backup. This will ensure easy accessibility to the document in time of need.
2. Share the document’s location with trusted individuals such as your attorney, family member or healthcare provider.
3. Maintain confidentiality of the document.
4. Review the document periodically.

Conclusion

To ensure your power of attorney document reflects your wishes and meets your current needs, one must regularly review it. This will also signalize if any update is required. As we discussed, you can make necessary, updated changes per your preferences, as you can revoke and amend the power of attorney document.

But it must be remembered that you must follow the appropriate legal procedure and seek guidance if required. By employing these measures, you can maintain control over your assets and safeguard your interests. Remember, power of attorney is a powerful tool that can provide peace of mind if used mindfully.