Complete a Revocation of Power of Attorney Form
In order to revoke an existing Power of Attorney, you must complete a Revocation of Power of Attorney form. This form enables you to cancel the powers you once granted another person in your Power of Attorney.
As long as you are mentally capable, filling out a Revocation of Power of Attorney provides written legal documentation that you are revoking the previous Attorney-in-fact’s powers.
Information needed to complete this form:
- Your contact information
- The Attorney-in-fact’s contact information
- The date you signed your Power of Attorney
- Whether you would like to include a witness, notary or both
- Signing details, such as when and where your Revocation will be signed
Some people revoke their Power of Attorney because:
- They changed their mind on the Attorney (Eg. No longer trust them)
- They no longer need an Attorney to act on their behalf or the Attorney’s purpose has been fulfilled (Eg. You assigned an Attorney to handle your affairs while you were away, but you have returned).
- They have found a more suitable person for the purpose
Sign and Deliver Copies of Revocation of Power of Attorney
For your Revocation of Power of Attorney to come into effect, it must be signed by a witness or notary, and you must provide copies to:
- Your Attorney-in-fact and ask that they return all outdated copies
- Financial institutions or third parties where your Power of Attorney was used
- Agency where your Power of Attorney was recorded, such as a deed registry office.
Once your Revocation is executed, destroy all copies of your previous Power of Attorney, as it will be considered void.
Appoint a New Attorney-in-Fact
If you decide to create a Power of Attorney in the future, you will need to draft a new document and appoint a new Attorney.
When selecting a new Attorney, it’s important to choose someone you trust. Power of Attorney abuse is more common than you think. Cases of fraud have been reported across North America, as well as in the United Kingdom. Usually it involves family members taking money from an elder or parent who granted them with control over their finances. This abuse often targets seniors with declining mental abilities.
The best measure against this abuse is prevention.
Tips for Preventing POA Fraud:
- Choose your Attorney wisely. Designate someone who is reliable, you have an honest relationship with, is good with managing money and can make decisions in your best interest.
- Selectively decide which powers to grant your Attorney. You can assign only specific tasks for them to take care of, such as selling your property.
- Ask your Attorney to check in regularly and submit bank statements to you. You may also wish to place a withdraw limit on your financial accounts.
- Manage your personal finances for as long as you can or be informed as much as you can.
- Let other family members know who has been appointed as your Attorney. More eyes on them will lessen their chances of committing fraudulent behavior.
- If possible, appoint two Attorneys-in-fact. You can specify whether they act jointly or joint and independent. A team overlooking your affairs could keep them both honest. A third Attorney may also be beneficial as an alternative or for resolving disputes.
- Review your Power of Attorney periodically to make sure it reflects your wishes and the current requirements of your state law. This is important if you have a change in marital status, there is a death in the family, you move to a different state, or you have a child.
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