The power of attorney is a legal document that’s signed by one person to empower another as their voice in all aspects of their finances, investments and settlements. The binding legal contract can only be revoking (from a legal standpoint) when the power of attorney is withdrawn.
Revoking the power of attorney means removing the powers of making decisions on behalf of another party. This process is one that can be easily completed. All that a party needs to do is to complete legal documentation that withdraws the powers that were previously granted by an agent. Here is how to withdraw the power of attorney in a few easy steps:
The power of attorney can be completed at any time. There is no set process, time of year, or notary period. There is a wealth of forms that exist online that are legally binding to allow you to withdraw the power of attorney. All information can be completed easily in a step by step process.
It’s imperative that the document is witnessed and notarised. Once the document has been completed, witnessed and notarised, a copy should be given to both parties. Any documentation that outlined the original power of attorney should be returned.
Any power of attorney revocation documentation should be shown to all financial institutions that still believe that an individual has the power of attorney on your behalf. The same goes for any governmental agency that has worked with someone on your behalf as your attorney.
It should be noted that the attorney can only be withdrawn by an individual of sound mind. There are several different reasons for withdrawing a power of attorney. These are as follows:
The purpose of a power of attorney has been fulfilled. There is no need for an agent to act on your behalf.
The power of attorney is no longer required.
Another person has been chosen to act as your attorney, or if you wish to replace the person originally appointed as your attorney.
Your agent must have shifted far away and it isn’t possible to operate financial aspects of your life with proficiency.
You have lost faith in the person that you’ve earlier given the power of attorney to.
Withdrawing the power of attorney is not a decision to be taken hastily. However, as you can see, there are certain considerations to be made, before withdrawing the power of attorney to a previously assigned individual.