Wednesday, October 31, 2012

Revocation Of Power Of Attorney

Revocation of power of attorney is when there is a legal document that says that the person is revoking the power they gave to another person or organization. The power is being withdrawn and the person or organization will no longer be the agent or attorney-in-fact for the person.

Any important document should be in writing and when revoking the power from an agent or attorney-in-fact this still holds true. Making sure that the revocation is in writing means that a person has proof that the power has been removed. This means that they are protected, as well as their interests too. Since a power of attorney form is very powerful and holds a lot of weight, in many areas of a person's life, it is important that there is the written revocation so that there are no questions about the person's intentions, wants or desires.

The good part of revocation is that no reason needs to be given when revoking the power from a person or organization. If the person is considered legally competent to make their own decisions, they understand their decisions and can make them themselves, the power of attorney can simply be revoked with no questions asked.

There is some basic information that needs to be completed on the legal form, such as the person's name and address and the name and address of the person that will have the power revoked from them. It will also need the date when the revocation goes into effect. However, reasons do not have to be listed and the person does not have to tell anyone why the revocation is taking place. The person that granted it can just as quickly and easily revoke it.

The revocation document will need to be notarized and signed in front of a Notary Public. After the notarization has taken place and it is signed, then a copy goes to the person or organization that had the power. It is given to the agent and the agent must give back any power of attorney forms that they have. They must return these to the person that is revoking the power of attorney. Copies of the revocation should be sent or showed to financial institutions and other businesses and dealings that the agent was handling.

If the power to buy and sell real property was given too, then it also needs to be recorded with the government, usually by going to the county property department. The power to sell real property is officially removed and the person that was acting as an agent no longer can have anything to do with the person's real property affairs that they were previously handling.

Article Source:

No comments:

Post a Comment