- How to dissolve a power of attorney
- How to revoke a special power of attorney
There are several types of power of attorney documents that a person may have drafted in order to authorise another person to act as his agent for health care or financial purposes. If you will be handling another person’s financial transactions such as making withdrawals from a bank account, drawing cheques on an account for the purpose of paying bills for another or transferring funds between accounts, you will need to have a financial power of attorney in place before you will be authorised to make such transaction, according to legalbeagle.com.
Step 1
Contact the bank before having a financial power of attorney drafted by a lawyer. Many banks have their own power of attorney forms that their account holders must complete and sign before the bank will acknowledge the power of attorney privileges of an agent. Some banks will require the account holder and the agent to appear in person together to complete the power of attorney form, while others may permit the account holder to complete the form off-site as long as it is notarised. If you complete a power of attorney form at a specific bank, the form will only be effective for completing transactions at the specific institution.
Step 2
Send or deliver your previously drafted financial power of attorney document to the bank. This step should be completed if you have already had a financial power of attorney document drafted by a lawyer or if your bank does not supply financial power of attorney forms for their specific institution. If your bank agrees to recognise the document, ask if there is any additional documentation that needs to be completed by either the principal or the agent.
Step 3
Provide identification and a copy of the financial power of attorney to the bank teller when you are ready to complete a transaction. As an agent for another’s account, you may be required to complete an affidavit stating that you are authorised to complete transactions against the principal’s account. Fill out the necessary documentation and complete your transaction. Always ask for a receipt for each transaction that you make.
How to dissolve a power of attorney
Everyone should have a will to distribute his or her assets after death, but the executor of your will cannot handle your affairs before you die. Equally important, therefore, is a Power of Attorney that allows someone to act on your behalf if you become disabled and unable to handle your financial affairs. The “agent” then acts for you, the “principal,” handling matters just as you would. Without a POA, the court may have to appoint a guardian. For various reasons it may become necessary to dissolve the POA.
Step 1
Decide what type of POA you need. A regular power of attorney takes effect when you sign it and stays in effect until you become mentally incapacitated. If you want the POA to continue after you become incapacitated, you must spell that out in your POA.
A durable Power of Attorney also begins when you sign it but stays in effect as long as you live, unless you cancel it. You must specify that you want your agent to continue to handle your affairs if you become incapacitated.
A springing Power of Attorney literally springs into effect when a specific event happens, such as when the principal becomes incapacitated. The POA must spell out exactly how that event is to be determined.
Step 2
Cancel a POA at any time by putting in writing that you want to revoke it. You must notify the agent that you have cancelled the POA and that he no longer represents you in financial matters. You must also send a notice of revocation to other parties, such as banks, that the agent has been dealing with on your behalf. The POA automatically dissolves upon your death. Third parties should be notified of the principal’s death.
Step 3
Revoke the POA legally. Your POA may spell out ways in which a friend or family member can check on how your agent is handling your affairs. The friend can demand an accounting of the financial affairs. If there has been abuse of the POA, it may be a criminal matter. You should revoke the power of attorney if you are able to do so. If not, the concerned friend or family member can apply to probate court to appoint a guardian to handle your affairs. The guardian can also apply to the court to revoke the POA.
How to revoke a special power of attorney
If you bestowed specific authority to act on your behalf to someone in a special power of attorney form, and you no longer want that person to hold those powers, you must take those powers away. The process is called revocation. To revoke a power of attorney, a new document must be written and signed by you that makes it clear you no longer want your agent to act on your behalf.
Title your document “Revocation of special Power of Attorney.” Write this at the center of the page and use larger text; consider using bold print to make the intent of the document unmistakable.
Write “On [date], I [hour name], bestowed authority onto [your agent’s name] in a document titled ‘Special Power of Attorney (or whichever title).’ I hereby revoke the powers given to [agent’s name].”
List an effective date for the revocation. Write “As of [date of revocation], [agent’s name] is no longer my agent and no longer has any authority to act on my behalf.”
Take the document to a notary public and sign it in the notary’s presence. Notarise the document. Deliver the document to your agent and deliver copies of the document to people you know have dealt with your agent. Consider publishing the notice in a newspaper in your area; do this if your agent did considerable work for you and you are not sure how many people the agent worked with.
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Step 1
Contact the bank before having a financial power of attorney drafted by a lawyer. Many banks have their own power of attorney forms that their account holders must complete and sign before the bank will acknowledge the power of attorney privileges of an agent. Some banks will require the account holder and the agent to appear in person together to complete the power of attorney form, while others may permit the account holder to complete the form off-site as long as it is notarised. If you complete a power of attorney form at a specific bank, the form will only be effective for completing transactions at the specific institution.
Step 2
Send or deliver your previously drafted financial power of attorney document to the bank. This step should be completed if you have already had a financial power of attorney document drafted by a lawyer or if your bank does not supply financial power of attorney forms for their specific institution. If your bank agrees to recognise the document, ask if there is any additional documentation that needs to be completed by either the principal or the agent.
Step 3
Provide identification and a copy of the financial power of attorney to the bank teller when you are ready to complete a transaction. As an agent for another’s account, you may be required to complete an affidavit stating that you are authorised to complete transactions against the principal’s account. Fill out the necessary documentation and complete your transaction. Always ask for a receipt for each transaction that you make.
How to dissolve a power of attorney
Everyone should have a will to distribute his or her assets after death, but the executor of your will cannot handle your affairs before you die. Equally important, therefore, is a Power of Attorney that allows someone to act on your behalf if you become disabled and unable to handle your financial affairs. The “agent” then acts for you, the “principal,” handling matters just as you would. Without a POA, the court may have to appoint a guardian. For various reasons it may become necessary to dissolve the POA.
Step 1
Decide what type of POA you need. A regular power of attorney takes effect when you sign it and stays in effect until you become mentally incapacitated. If you want the POA to continue after you become incapacitated, you must spell that out in your POA.
A durable Power of Attorney also begins when you sign it but stays in effect as long as you live, unless you cancel it. You must specify that you want your agent to continue to handle your affairs if you become incapacitated.
A springing Power of Attorney literally springs into effect when a specific event happens, such as when the principal becomes incapacitated. The POA must spell out exactly how that event is to be determined.
Step 2
Cancel a POA at any time by putting in writing that you want to revoke it. You must notify the agent that you have cancelled the POA and that he no longer represents you in financial matters. You must also send a notice of revocation to other parties, such as banks, that the agent has been dealing with on your behalf. The POA automatically dissolves upon your death. Third parties should be notified of the principal’s death.
Step 3
Revoke the POA legally. Your POA may spell out ways in which a friend or family member can check on how your agent is handling your affairs. The friend can demand an accounting of the financial affairs. If there has been abuse of the POA, it may be a criminal matter. You should revoke the power of attorney if you are able to do so. If not, the concerned friend or family member can apply to probate court to appoint a guardian to handle your affairs. The guardian can also apply to the court to revoke the POA.
How to revoke a special power of attorney
If you bestowed specific authority to act on your behalf to someone in a special power of attorney form, and you no longer want that person to hold those powers, you must take those powers away. The process is called revocation. To revoke a power of attorney, a new document must be written and signed by you that makes it clear you no longer want your agent to act on your behalf.
Title your document “Revocation of special Power of Attorney.” Write this at the center of the page and use larger text; consider using bold print to make the intent of the document unmistakable.
Write “On [date], I [hour name], bestowed authority onto [your agent’s name] in a document titled ‘Special Power of Attorney (or whichever title).’ I hereby revoke the powers given to [agent’s name].”
List an effective date for the revocation. Write “As of [date of revocation], [agent’s name] is no longer my agent and no longer has any authority to act on my behalf.”
Take the document to a notary public and sign it in the notary’s presence. Notarise the document. Deliver the document to your agent and deliver copies of the document to people you know have dealt with your agent. Consider publishing the notice in a newspaper in your area; do this if your agent did considerable work for you and you are not sure how many people the agent worked with.
In this article: