A Revocation of Power of Attorney form allows you to change your mind about who you want to act on your behalf for personal, healthcare, business, or legal matters. As the name suggests, you can revoke or cancel the power and authority previously granted to this person, known as your “Agent”.
Just as a Principal can create a Power of Attorney (POA), a Principal can also revoke that power.
A simple Revocation of POA should generally identify the following:
- Who was the previous Agent with the POA
- When the POA should be effectively revoked, usually immediately
What is a Revocation of Power of Attorney?
Revocation of Power of Attorney is a legal document confirming that a principal (the signatory of the Power of Attorney) cancels the powers to act on their behalf granted to their Attorney-in-Fact (the person named and appointed as agent in the document ).
How to Revoke a Power of Attorney
To revoke the Power of Attorney, you’ll first need to fill out a Revocation of Power of Attorney form. Your form will identify the following essential elements:
- Former Agent: name of the person previously allowed to act on the Principal’s behalf
- Principal: name of the person previously wanting assistance with business or legal matters
- Effective Date: when the Revocation begins, usually immediately
- Signatures: the Principal and Notary must sign the form
Once you and the notary sign this legal document, the former Agent no longer has the authority to act on your behalf. Be sure to notify other individuals or institutions who have the POA on record of this change.
Reasons to Revoke a Power of Attorney
You may need to cancel or withdraw power given to a previous Agent for many reasons. You may need to revoke a POA if:
- You become divorced or widowed
- You return from being deployed overseas as military personnel
- Your Agent is not acting in good faith or breaching their fiduciary duties
- You are no longer traveling abroad and can manage your affairs
- You complete your extensive travels abroad and have returned home
- You had a bad experience with your current Agent and no longer trust them
Remember that a Medical Power of Attorney allows you to name someone to make health decisions if you are incapacitated.
According to a November 2012 report by the U.S. Government Accountability Office (GAO), older adults are particularly prone to be financially exploited by ill-meaning power of attorney agents. [1] Fortunately, you can use a Power of Attorney Revocation to undo a bad appointment of an Agent and prevent elder abuse.
A 2012 documentary, Last Will and Embezzlement features Mickey Rooney and the potential for a POA to be abused by untrustworthy Agents. [2]
What Happens if You Don’t Revoke Your Power of Attorney?
If you do not cancel your previous Agent’s POA, the wrong person may have the legal authority to act on your behalf in important financial and business decisions.
By taking the time to create a Revocation of POA, you can prevent the following suffering:
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The lost opportunity cost of…
- Designating a more trustworthy individual to handle your financial matters
- Untangling the financial or legal mess caused by an untrustworthy Agent
- Trying to pursue an Agent who has zeroed out your accounts
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Expensive lawyer fees to…
- Dispute unauthorized transactions initiated by a previous Agent
- Recover money inappropriately withdrawn from the Principal’s bank account
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Mental anguish from…
- Experiencing a breach of trust by an Agent who abused their power
- Losing control over the proper conduct of your business
- Being scammed by a bad Agent, losing your home, or being embezzled of life savings
Revocation of Power of Attorney Sample
You can download our free Revocation of Power of Attorney templates to revoke your agent’s powers. Use our blank PDF & Word docs, or go through our document builder for a filled-out, signed, and ready-to-be-used Revocation form.
