Withdrawing a Power of Attorney
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Power of Attorney is a document which is legal and which is to be signed by a person who intends to approve someone else to take the responsibility as his (grantor’s) agent, in regards to managing and tackling the decisions regarding his finances, investments and other financial settlements.
Revoking a Power of Attorney means removing the powers of taking decisions in terms of monetary matters that were previously permitted to another individual. This action can be taken through a legal written document mentioning the withdrawal of the powers which were earlier granted to your appointed Agent. The process of extracting the Power of Attorney is easy.
Instructions to Withdraw a Power Of Attorney –
• You will require a Notary to Witness and Seal
• The withdrawal of power of attorney document should be taken in writing.
• You can feel free to withdraw your Power of Attorney at any time. In case you are aware regarding the legality then you can take the decisions for yourself and withdraw the Power of Attorney made earlier. You can visit the web site in my biography below and you can find the specific do-it-yourself power of attorney forms and kits. The documents to withdraw the power of Attorney needs certain basic information which you can enter and complete the form. Hence, this step can be easily done by you by filling the forms available in my biography in my web site.
• The updated document should be witnessed and notarized. After the written document has been signed and notarized then, a copy of the document should be given to the person who was earlier your Agent. You should ask that person to give you back any copies of the original Power of Attorney, if he or she has.
• You must display a copy of the Revocation of Power of Attorney to any financial institution where you Power of Attorney must have been used earlier. Also provide a copy of your Revocation of Power of Attorney to any government agency that must have recorded your previous Power of Attorney.
• The Power of Attorney can be withdrawn only by the individual when, mentally sound.
Reasons for withdrawing a Power of Attorney
There can be several reasons for which one may wish to withdraw the previously exerted power of attorney. Some of the reasons for withdrawal are as follows –
• Purpose of POA has been fulfilled and there is no need of an agent to act on your behalf
• POA is not required any longer.
• Another person is been chosen by you to act as your Attorney-in-fact. You wish to replace the prior appointed attorney in fact with a new one.
• Your Agent must have shifted far away and it could not be possible for him or her to operate financial issues on your behalf.
• You may have no trust any longer on that person whom you had earlier given the Power of Attorney.
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