Learn how to cancel or withdraw a Power of Attorney.
Estate plans evolve. Just because you made a will twenty years ago doesn’t mean you can’t revise it or write a new one today. A living will, a living trust, and a power of attorney are all similar. These are several reasons why you should withdraw a power of attorney, as well as instructions on how to do so.
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Revocation of a Power of Attorney Form
In general, you should cancel a power of attorney for two reasons. The first is that you have a problem with your selected agent; the second is that you may wish to amend the items and choices covered by your power of attorney.
We’ll start by looking at some typical concerns that might develop with your agent:
You and your agent may have a personal squabble, which might lead to divorce. As a result, you may no longer trust this individual to make choices on your behalf.
Your agent might die or succumb to an illness.
Your agent may abruptly notify you that he or she is no longer willing or able to carry out the tasks outlined in your power of attorney form.
In other words, if you are unhappy with your agent, cancelling your power of attorney form is a good idea. Keep in mind, though, that you may add a second, substitute agent in your initial POA. This is especially useful if your original agent is ill or has died, since it saves you from having to create a new document.
You may also choose to cancel your power of attorney if you believe it is too limited or too broad. For example, if you have a healthcare power of attorney, you may change your mind on “do not resuscitate” orders or certain treatments, such as dialysis. To reflect these changes, you’ll need to revoke your power of attorney and form a new one.
How to Resign a Durable Power of Attorney
It is not difficult to revoke a power of attorney. To begin, draft a revocation of power of attorney paperwork and distribute it to your agent, estate planning attorney, and any other relevant individuals. Make certain that your original agent gets this revocation so that he or she is aware that your original document’s desires are no longer valid.
After that, you should draft a new power of attorney that reflects the modifications you wish to make. If you do not establish a fresh power of attorney, you will normally be responsible for handling your own affairs in the absence of a designated agent.
