When you plan your estate, you place significant trust and responsibility in others. From estate executors to trustees, there are several people who will handle your affairs after you pass. You may have also authorized power of attorney to an agent. If, for whatever reason, you wish to revoke power of attorney, you may not know if this is possible or how to begin the process. It’s recommended to contact Washtenaw County power of attorney lawyers to help walk you through the process. Keep reading to learn more about why someone may want to rescind this authority.
What Is Power of Attorney?
Power of attorney (POA) is a valuable estate planning tool that allows you to grant authority to another person. The creator, or the principal, will fill out a simple document and grant power to their “agent.” The agent acts on behalf of the principal for several reasons. Generally, the creator will appoint a friend, family member, or business associate as their agent. The only requirement for this role is that the appointed individual is an adult and of sound mind to assume the position.
Many people grant power of attorney for several reasons. For example, if an individual knows they will be traveling abroad for an extended period of time but has business obligations at home, they can grant a limited power of attorney to their business partner. This allows the partner to sign documents on behalf of the principal.
Why Might Someone Want to Revoke Power of Attorney?
Someone may wish to revoke power of attorney for a number of reasons. As many choose someone they have a personal relationship with, this can often impact a financial relationship. For example, if the agent abuses their power by stealing funds or making unauthorized transactions, the principal may wish to rescind their authority.
However, there are other, less personal reasons. If an agent becomes incapacitated and unable to make decisions or passes away, revoking their authority and assigning a new agent is essential.
Can an Attorney Help?
If you want to cancel an agent’s authority, ensuring you take the necessary action is essential. Your first step should be to enlist the assistance of an experienced lawyer to help, as you’ll want to ensure this process is legal and complete. Unfortunately, there are several steps you must take to ensure your previous agent no longer has authority, and missing a step can make it challenging to complete the process as necessary.
When you need assistance, Collis, Griffor & Hendra can help. Our dedicated legal team understands the challenges revoking a power of attorney can pose. Contact our attorneys as soon as possible to learn more about how we can help you through this process.