You likely do not want to think about a time when you will not be able to act for yourself or when you will no longer be around. However, it is important to enter into this mindset to work toward establishing your estate plan, specifically your power of attorney. Continue reading to learn why someone would choose to revoke a power of attorney and how one of the experienced Butler County powers of attorney lawyers at Heritage Elder Law & Estate Planning, LLC can help you understand this.
Why would someone appoint a power of attorney agent?
The most important reason why someone would require a power of attorney is if they have become incapacitated or reached a point of mental decline that makes them unable to make sound decisions. In this scenario, an appointed power of attorney agent would be essential in making important decisions on the principal’s behalf.
In addition to having full control over who you can appoint as your agent, you will also have full control over the amount of power an agent has by detailing the scope within which they may act. For example, you have the option of drawing up a general power of attorney, a limited power of attorney, a durable power of attorney, a medical power of attorney, or a combination of these.
And for this to work, you must draw up legally-binding documents that give your agent legal power. This is because, later on, your agent may need to bring these documents to the bank, a financial institution, or otherwise to prove they have the authority to act on your behalf.
Why would someone revoke a power of attorney agent?
Unfortunately, there may be circumstances in which your power of attorney arrangement no longer serves your best interest. Examples of such are as follows:
- Your agent has passed away.
- Your agent has become incapacitated or has reached a point of mental decline.
- Your agent has expressed that they no longer want this responsibility.
- Your agent has become untrustworthy.
Notably, you can revoke your power of attorney at any time. So if you believe that you no longer want your agent to serve you, then you can revoke your power of attorney by giving a written notice to your agent. You should also give written notice to your bank, your doctor, or anyone else that has retained a copy of your power of attorney.
Or, if your situation is not so urgent, you may wait until your power of attorney terminates automatically. This will only be possible if you have included an expiration date in your document.
Regardless, if you are considering revoking a power of attorney agent, you must turn to one of the skilled Butler County estate planning & probate attorneys. Call us today.