Though it is hard to think about, there will come a time when you will pass on or when you may be unable to make sound decisions on your own. For this reason alone, it is important to establish a power of attorney. With this, you may be wondering why you would ever find the need to revoke it. Continue reading to learn how an experienced Fayetteville, Arkansas power of attorney lawyer at the Knapp Law Firm can help you understand this.
Why would I revoke a power of attorney?
With your power of attorney, you will be appointing an agent. More specifically, you will be giving your agent the authority to act on your behalf in making important decisions you list in this document, whether it be medical decisions, financial decisions, or otherwise.
With that being said, powers of attorney are most commonly revoked when the relationship between the principal and the agent has shifted. Examples that may apply to you are as follows:
- Your agent has passed away.
- Your agent has become incapacitated and has since been unable to make sound decisions.
- Your agent has moved away and has since resigned.
- Your agent has expressed that they no longer want the responsibility and has since resigned.
- You and your agent were once married to each other but have since filed for divorce or separation.
- Your agent has exhibited behavior that makes them untrustworthy.
- You have a new spouse, child, or otherwise that you trust more with this responsibility.
How can I officially revoke it?
All in all, you may have a valid reason for wanting to revoke your power of attorney. So if it comes to this point, you will have to give a written notice to the agent. Also, you will have to file a copy of the revocation letter with the Arkansas court. It may also be helpful to file a copy of the revocation letter with anyone who may have your original document. This may include the following:
- Your banks.
- Your brokerages.
- Your doctors’ offices.
- Any other institution where an agent has conducted business on your behalf.
Before going through all this, though, you should confirm whether you have already included an expiration date in your power of attorney. If you did, then you may want to wait for this date so that your power of attorney can terminate automatically. From here, you can establish a new document that appoints a new agent. Even so, you will still have to make sure that the Arkansas court and other institutions have the updated version of this document.
Nonetheless, if you require assistance with going about this, retain the services of a skilled Fayetteville, Arkansas estate planning lawyer today.