A power of attorney is a document used to assign a personal power, such as the ability to make medical or financial decisions, to another party. A general or durable power of attorney does not have limitations, other than death or incapacitation. A limited power of attorney, however, may set certain restrictions or a time period. For instance, it may restrict an agent to control a specific bank account or authorize the sale of specific property. A limited power of attorney ends if you become incapacitated or die.
Check for a time or task limitation. If the limited power of attorney includes a time restriction that has expired or a specific task that has been completed, there is no need for revocation.
Execute a document stating you revoke the limited power of attorney. This document should contain your name and signature, the date you signed the revocation, the person or persons you named as your agent on the power of attorney you are revoking, and the date the original power of attorney was executed. The revocation should be notarized, and should include a copy of the original power of attorney. The revocation ideally should be done through your attorney.
Give a copy of the revocation to your agent or agents. If you did not utilize your attorney when preparing the revocation, give a copy to your attorney.
Give a copy of the revocation to any financial institution, healthcare agency or other agency that might be involved in the limited power of attorney. If applicable, give a copy to any insurance or financial planner.
Consider a new power of attorney. Depending on your particular circumstances, the original need for the power of attorney and the reason behind the revocation, you may want to enact a new power of attorney.
- The information contained in this article is not a substitute nor should it be taken as legal advice. Always contact an attorney in your state to answer specific questions or issues.