Revocation of Power of Attorney Form
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Anyone wishing to cancel a previous power of attorney will need to complete a power of attorney revocation form, also known as a revocation of POA. This legal document voids the previous power of attorney right away, changing the individual responsible for acting on your behalf for personal, business, and legal matters effective immediately. The document has to be executed by the person who granted the power of attorney, (known as the principal) and states that they wish to demote the current attorney-in-fact (also known as the agent) from their position.
For anyone wishing to write a POA revocation form, we have a free revocation of power of attorney template on this page (Word and PDF download available). You’ll also find information on what is included in a power of attorney revocation, why you would consider writing one, and answers to all your other POA form-related questions.
Reasons To Revoke a Power of Attorney
Copy section linkWhen a power of attorney is written, it gives the named subject control over the principal’s finances, business decisions, health care decisions, and other legal matters as decided by the principal. However, there are many reasons why the principal might change their mind and wish to write a POA revocation form. Below are some possible reasons:
The purpose of the original power of attorney document has been fulfilled and the principal is ready to take back control of their financial, business, and legal matters.
The principal does not think the attorney-in-fact is completing their duties as per their best wishes and wants to pass the power to another individual.
The attorney-in-fact no longer wishes to hold power of attorney over the principal.
The principal returns from overseas and is now capable of managing their own finances and other legal matters.
Although there are many reasons to revoke power of attorney, no explanation needs to be given when completing a POA revocation form. The principal’s decision legally stands and must be respected, regardless of their reasoning behind it.
What Happens If You Don’t Revoke Your Power of Attorney?
Copy section linkUntil a power of attorney is revoked, the agent-in-fact has the legal right to make important decisions on behalf of the principal. By failing to revoke power, the agent may continue making these decisions, thus resulting in several negative consequences regarding time, money, and mental anguish. Below are just some examples:
Paying expensive legal fees to undo the unwanted decisions made by the attorney-in-fact;
Losing control over your finances and important business decisions;
Being unable to appoint a more appropriate and reliable person as the agent;
Having to spend time and money recovering money withdrawn or used inappropriately; and
Losing your home or savings due to the actions on the attorney-in-fact.
How Do You Write a Letter to Revoke Power of Attorney?
Copy section link1. Download the form as a PDF or Microsoft Word
It is simple to write a power of attorney form using our sample revocation of power of attorney as a guideline. Simply download the form as a PDF or Microsoft Word document.
2. Complete the template by filling in the blanks
Included in a power of attorney revocation is all the following information:
- Former Attorney-in-Fact: The name of the individual designated in the original power of attorney document to act on behalf of the principal.
- Principal: The name of the individual granting the power of attorney and executing i the document.
- Effective Date: The date at which the principal wishes to revoke power from the attorney-in-fact. The legal document is usually effective immediately but can be made effective on a date in the future.
- Signatures: The end of the form must be signed by the principal of the POA and a notary.
3. Send copy to an agent
After you have downloaded the revocation of power of attorney form and completed it, a copy needs to be sent to the agent. This should be done by certified mail, which acts as proof that the letter was received, which prevents the attorney-in-fact from making any more legal or business decisions on the agent’s behalf without facing criminal charges. Third parties, such as banks and insurance companies, must also be notified of the changes.
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