When planning your estate, you’ll place your trust in several individuals. From choosing the executor of your will to naming a trustee to oversee a trust fund, these individuals carry a lot of responsibilities. You may also have granted power of attorney to someone, allowing them to make many decisions on your behalf. However, if you wish to revoke power of attorney, you may not know where to start. If you have questions about the authorization you’ve given another person, Pennsylvania POA attorneys can help. Keep reading to learn more about what you should know if you want to revoke power of attorney for any reason.
What is power of attorney?
Power of attorney is a process in which someone, known as the principal, gives power and authority to another person, also called an agent. This is necessary for several reasons.
Most commonly, a principal will grant power of attorney for financial or medical reasons. For example, if the principal will be out of the country for an extended period, their agent can sign documents and make real estate transactions and decisions on their behalf. Similarly, many people want a power of attorney should become incapacitated or unable to make decisions for themselves. This is especially true for healthcare, as the agent may know what medical treatment the principal would like to receive.
Why might someone want to revoke power of attorney?
There are several reasons someone may want to rescind this decision. It is essential to note that in Pennsylvania, a principal can revoke power of attorney for any reason, so long as they follow the correct process.
Generally, a principal may want to revoke the authority they’ve granted someone if they no longer trust the individual. For example, if the agent abuses finances or steals from the principal, they will likely want to rescind this decision.
However, there are other, less malicious reasons someone may have their power of attorney revoked. If your agent passes away or becomes too ill or incapacitated to serve, you’ll want to rescind their authority and create a new power of attorney.
Can an attorney help?
Regardless of the reason you’d like to rescind the power of attorney you’ve granted someone, ensuring you have an attorney present to walk you through the process is vital. Unfortunately, if you try to navigate this on your own, you may make mistakes that can impact the future of your finances and health.
You’ll need to document the revocation in writing and send it to the acting agent and financial or medical institutions that may have received an initial copy of the original power of attorney. You should also get the original document back from your previous agent. If you cannot, you should send them a certified letter informing them that their authority has been revoked. You can send additional copies to any institutions that may have accepted a power of attorney, as this informs them that the previous agent no longer has power of attorney.
When you need help navigating this process, Friedman Schuman is here to help. Our dedicated legal team has the experience necessary to help you revoke the power of authority you’ve granted someone. Contact us today to learn more about how we can help you.