A durable power of attorney is one of cornerstones of estate planning. It is critical that a trusted individual or entity be named to make financial decisions on your behalf should you become unable make these decisions on your own. Since this is such an important decision, it is also important to understand that you do have the right to revoke the power of attorney at any time, and execute a new document to change your ‘agent.’
To revoke a power of attorney, you should put it in writing, it is not necessary that you include the reason you are doing so. There are, however, several important facts that should be included in a written revocation of a power of attorney. These are:
• Your name
• A statement that you are of sound mind and your wish to revoke the power of attorney
• The date the original power of attorney was executed
• The person selected as your agent
• Your signature
The document should then be sent to the agent that had been appointed and any other individuals, businesses, or institutions that may have a copy of the power of attorney that is being revoked, for example – your bank. It is also a good idea to get the original power of attorney back from the agent if possible. If this cannot be done, send the agent a certified letter, stating that the power of attorney has been revoked.
After revoking a power of attorney, make sure you create a new durable power of attorney. An estate planning lawyer can assist you with both of these tasks to ensure that this crucial task is properly executed.