Power of Attorney is a legal document by which one can authorize another to take action on his/her behalf on a matter specified by that person. Most of the powers of attorneys are limited in the certain circumstances that lead to the triggering of powers of POA. The person who is holding a POA is entitled to exercise any of the powers defined as per the document on behalf of the person who created the document.
A Power Of Attorney allows your Attorney to manage your affairs either for a limited period of time or on a continuing basis. It is expedient to designate someone to manage your property and financial matters before you met with any sudden illness or accident.
There have certain main reasons behind the cancellation of the power of attorney. If a particular transaction is over there is no need of power of attorney. Also, when trust is lost one can cancel Power Of Attorney. For example, if the grantor feels that the appointed POA is not all trustworthy and want to misplace him, the grantor can immediately look for canceling the Power of Attorney.
When grantor finds a fresher able and trustworthy POA other than the appointed person, he can quickly cancel the Power Of Attorney and appoint the new one. When any current POA does not function properly, he can be removed in immediate effect.
For the case of a Durable Power of attorney, his powers will remain until a new document is made. The most suitable way to cancel a POA is by writing a new legal document. This is called as the Revocation of Power of Attorney. This document constitutes important statements that authorize all the powers of the previous attorney to be transferred to the newly appointed POA.
There is no limitation on revoking POA neither there are legal complications on the grantor while appointing Power of Attorney.
The first step for the Revocation of POA is drafting. If the POA is registered or notarized, you need to do the same for the revocation document. The revocation is successful when the attorney accepts it. The revocation document must be sent to the attorney via speed post. Another way of sending is not an optimal one. Also, the copy of the revocation necessarily sends to the institution where the attorney has authorized powers. It also makes sure to send the revocation copy to where the POA has been registered such as land titles office, deed registry, etc.