Friday, August 19, 2011
Reasons For The Revocation Of Your Power of Attorney
The power of attorney can be revoked by the principal when he thinks that it is necessary. There are several reasons for revoking the power given to the agent. One of the common reasons for revoking the document is when the principal get married and would like to have his wife as his attorney-in-fact. In this case, the principal will revoke the powers given to the person and then transfer it into the name of the spouse. After transferring the power, the spouse will automatically become the agent of the principal immediately.
Another reason is that when an agent is not available because of relocation, disability, diseases, accidents or death, then the principal has to revoke the power of attorney. In this situation also, the principal will select another person to act as the authority on behalf of him/her. When the present attorney-in-fact is not willing to continue with the powers, then also the principal can revoke it. In this case, most probably the agent believes that he/she cannot carry out the duties given by the principal as requested by him. Sometimes the agent may become ill or because of other unavoidable circumstances has no time to spare for the duties bestowed on him.
One of the serious reasons for the revocation of power of attorney is distrust. In this case, the principal is unhappy about the way the agent carries the duties. In some situations, the principal will decide not to trust the attorney-in-fact any more as he is feeling that the person taking the advantage of his trust. In case of distrust, the principal has to revoke the power immediately and he can even file a case against the person who has misused the power given to him.
Revocation of your power of attorney is simple. It is a legal document provided to the agent in writing that the principal no longer need his service. The document states that you are taking out all the powers given to the attorney-in-fact. It is always important to provide the revocation in writings as you can protect yourself as well as your interests. There is no need to cite the reason for the revocation in the document as you have provided the power to a person on your own decision and you have the freedom of revoking it.
The document of revocation requires some basic information such as the name and address of the principal, name and address of the agent, the date of power of attorney etc. Revocation document should be signed by you in the presence of a notary public. After notarizing your document, you can provide a copy to your attorney-in-fact and ask to return all the copies of the power of attorney document he has. Then the principal can show the copy of revocation document to the financial institution or other business where the agent used the powers to act on behalf of you.
Article Source: http://EzineArticles.com/6160632
Posted by Anonymous at 2:43 AM