Power Shift: How to Revoke a Power of Attorney and Protect Your Future

This originally aired on the Catholic Faith Network’s show CFN Live: https://youtu.be/HaMEzTyhJd8

What is a Power of Attorney and why is it such an important document?”

A Power of Attorney is a legal document that allows you to appoint someone—called an agent—to act on your behalf for financial and legal matters. It is important because it ensures that someone you trust can manage your affairs if you’re unable to do so, whether due to illness, injury, or other circumstances.

How long does a Power of Attorney last? Does it expire automatically?

A Power of Attorney typically lasts until you have an expiration date, revoke it or pass away.

However, if it is a Durable Power of Attorney, it remains in effect even if you become incapacitated. As a general rule, you will want to have a Durable Power of Attorney because you want your agent to step in if you are unable to make financial decisions.

That is why it is such a powerful and essential tool for long-term planning.

What are the options for revoking a Power of Attorney?

There is a myriad of reasons why you might want to change your agent under a Durable Power of Attorney, such as shifting personal preferences, changes in relationship and the agent’s availability.

On the face of it, revoking a Power of Attorney is a straightforward process, but it must be done correctly.

You will need to create a written revocation document that clearly states your intent to revoke the Power of Attorney.

One must follow State law on how to terminate a Power of Attorney.

It is important to notify your agent and any institution or party that may have relied on the original document. I recommend that you notify your agent in writing.

Destroying all copies of the old Power of Attorney is also crucial to avoid confusion.

As a practical matter, it is important to keep track of who has your original Power of Attorney and where it is kept, as well as who has been provided copies of your Power of Attorney.

Why is a Power of Attorney such a valuable document for individuals and families?

The biggest benefit is Peace of Mind.

A Durable Power of Attorney ensures that someone you trust can step in to manage your financial and legal matters if you are unable to. It can prevent delays and avoid court intervention (such as a Guardianship proceeding) which can also be costly.

A Durable Power of Attorney is customizable to meet your needs, and it can also make life much easier for your loved ones during challenging times. It is truly a cornerstone of any good estate plan.

As a bonus, a Durable Power of Attorney can be changed at any time, and it can be revoked and/or replaced with a new Durable Power of Attorney. You have the flexibility to ensure that you have the right agent in place to act under your Durable Power of Attorney.

When it comes to a Power of Attorney… be proactive!

Do not wait for a crisis to create or update your Durable Power of Attorney. Work with an experienced estate planning / elder law attorney to ensure it is tailored to your needs and that you understand how to revoke or update it if necessary.

If you would like to speak with an experienced elder law attorney regarding your situation or have questions about something you have read, please do not hesitate to contact our office at 1 (800) 680-1717. We look forward to the opportunity to work with you.