As you likely know, there are dozens of legal and financial decisions to make over the course of a lifetime. If you are healthy and mentally fit, making your own decisions probably makes sense. Of course, it is not hard to imagine a scenario in which you may be incapable of choosing what is best for you and your finances.
With a power of attorney, you name someone who can make financial, legal and other decisions on your behalf. Still, for any number of reasons, you may no longer have confidence in the person you designated. As such, revoking your POA may be vital for protecting your interests. If you plan to revoke one, though, you should keep a few things in mind.
Format
Like your existing POA, a revocation should be in writing. After all, you need to communicate your wishes to financial institutions, healthcare providers, friends, family members and others. The language you use also matters. When revoking a previous POA, you want to leave no doubt as to the relationship’s conclusion. You also want to make sure you meet all statutory and other requirements.
Replacement
Having a POA makes sense for a variety of reasons. Therefore, you may not want to revoke your existing POA if you do not have a ready replacement. Still, you need the best possible person to make important decisions on your behalf under certain circumstances. Accordingly, when you revoke your POA, try to name a new one either simultaneously or as quickly as possible. If you can, attach the new document to the revocation you send to interested parties.
Staying on top of legal and financial matters is important. If you believe you may not be able to make your own decisions, you likely want someone you trust to stand in your shoes. Revoking an unacceptable POA and replacing it with a designee you can depend on may be an essential part of your planning process.
