A general power of attorney allows your agent to conduct legal and financial actions on your behalf. This power can be limited to a specific task, if so necessary. Once the job ends, the specific power of attorney also ends. Other attorney powers allow the agent to carry out transactions on your behalf. You can revoke your power of attorney if you so wish.
Power of Attorney
A power of attorney is a legal document that allows you to delegate legal power to take care of your financial or legal matters for you. The person to whom you entrust this power is the attorney, who is not to be confused with the lawyer profession. This legal document functions as your agent by keeping your best interests paramount. It is necessary for him to keep careful records of the financial transactions that he has acted in your interests. A power of attorney is used to aid the person who is delegating the legal authority (principal). It can be used in instances when the principal is sick or disabled or cannot be present to sign necessary legal documents. There is no governmental or official monitoring of Agents acting on power of attorney. It is up to the Principal to choose a reliable person to entrust the power of attorney. A Principal must ensure that his Agent provides him with accurate records of all transactions and periodic accountings. A power of attorney entrusts an Agent with the following legal powers:
- Managing your property, including buying or selling your real estate
- Conducting your banking transactions
- Investing your money
- Conducting tax and retirement transactions
- Making gifts on your behalf
Revocation of Power of Attorney
Revocation of power of attorney allows you to terminate the authority granted to an Agent. One way of revoking the power of attorney is to state that its authority ends on a certain date. It can also be subject to the occurrence of a certain event. Also other than durable power of attorney, the powers granted by a power of attorney stand revoked on the death of the Principal.
In case you want to revoke the power of attorney, you must inform the Agent in writing. All copies of your original Power of attorney must be returned to you if you decide to revoke the same. The Principal must notify the bank and other financial institutions about the revocation. In the event that your power of attorney has been filed in the County Clerk’s office, it is necessary to file a copy of the revocation too. It is best to consult a lawyer regarding the revocation, as he could arrange to have a new power of attorney executed for you.
Revoking the Health Care Power of Attorney
A health care power of attorney can be revoked at any time, provided you are in a condition to make and communicate your medical care decisions. This revocation must be done in writing so that you can clearly communicate your intentions to your doctor and health care agent. This revocation is effective only after the doctor and the health care agent are informed and notified. In case of death of the Principal, the health care power of attorney is automatically revoked.
It must be borne in mind that revoking the power of attorney under other circumstances could constitute breach of contract. You must examine whether the revocation will make you liable for claims by the Agent. It is essential to properly communicate your decision to the Agent and third parties too. This should be done in writing so that there is no scope for ambiguity. If the original power of attorney was recorded, ensure that the
revocation of the same is also recorded. It may be necessary to publish the revocation in a local newspaper so as to intimate third parties with whom the Agent has been dealing on your behalf.
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Disclaimer: The articles provided herein are for information purposes only and are not destined as a substitute for specific legal advice. The reader is urged to seek professional legal counsel for their specific circumstances, as the law constantly changes and varies from jurisdiction to jurisdiction and is subject to changeable interpretations.