Revocation of Power of Attorney Form

How to Revoke Power of Attorney

To revoke power of attorney, you’ll first need to fill out a revocation of power of attorney form. Your form will identify the following basic elements:

• Former Agent: name of person previously allowed to act on the Principal’s behalf
• Principal: name of 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 authority to act on your behalf. Be sure to notify other individuals or institutions who have the POA on record of this change.

2. Reasons to Revoke a Power of Attorney

There are many reasons why you may need to cancel or withdraw power given to a previous Agent. You may need to revoke a POA if you:

• Become divorced or widowed
• 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 own affairs
• Complete your extensive travels abroad and have returned home
• Had a bad experience with your current Agent and no longer trust them

According to a November 2012 report by the U.S. Government Accountability Office (GAO), older adults are particularly prone to being financially exploited by ill-meaning power of attorney agents. 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.

3. 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 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:

• 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
• Expensive lawyer fees to
  • Dispute unauthorized transactions initiated by a previous Agent
  • Recover money inappropriately withdrawn from Principal’s bank account
• 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 embezzled of life savings