Question 1: Can I cancel a power of attorney?
Someone who makes a power of attorney and grants another person the authority to act on your behalf is known as a principal, while the person or organization you appoint is known as your agent or your attorney-in-fact. As the principal you maintain the ability to end the power of attorney whenever you like. You can do this for any reason at all, or for no reason.
Question 2: When can I cancel my power of attorney?
As a principal you can terminate an agent’s authority at any time. However, if you created a durable power of attorney that granted your agent the ability to act after you lost capacity, you cannot cancel the power if you have since become incapacitated. Cancelling your power of attorney requires you to remain of sound mind, and if you lose your mental faculties you can only cancel the power once you regain your ability to make knowing choices.
Question 3: Can I cancel the power if I am an agent?
If you’ve been appointed as attorney-in-fact or agent through a power of attorney, you can give up that authority but you must do so in a manner that protects the principal’s interests. Practically speaking this means that you will have to contact the principal and notify him or her that you wish to stop being the agent. If you are managing any of the principal’s interest or responsibilities you will have to ensure that the principal can take control in a way that does not damage his or her interests.
- Estate Planning for Same-Sex Couples: Key Considerations - March 21, 2023
- The Role of Trusts in Estate Planning - March 19, 2023
- The Not-So Transparent Corporate Transparency Act - March 17, 2023
Leave a Reply
You must be logged in to post a comment.