Revoking a power of attorney document is a relatively straightforward process, but it should be carried out carefully so that the revocation cannot be challenged.

Any type of power of attorney can be revoked – general, durable or springing. The best case scenario is that the principal, i.e. the person who authorized the attorney-in-fact to act in their name, revokes the powers granted. However, if the power of attorney has already kicked in and the principal no longer has the capacity to make financial decisions on his or her own, revoking a POA would require a court proceeding. In the case the principal dies, the powers are automatically revoked.

Step by step guide on how to revoke financial power of attorney

A document should be written stating that the current power of attorney is no longer valid. While you can find a revocation document online and fill it in yourself, it is preferable that you get the services of an attorney to revoke a POA. An attorney will make sure that your revocation of power of attorney includes everything it needs to in your case. Don’t hesitate to reach out to the Law Offices of Irina Sherbak and book your free 30-min consultation – our experience and expertise are at your service!

California law allows for revocation by following any requirements shown on the original power of attorney. Hence, it is important to check the original power of attorney to make that a revocation is allowed and through which requirements.

The details that a revocation of POA must contain are:

• The name and address of the principal who conferred the powers
• The name and address of the attorney-in-fact
• The date of the original power of attorney
• The date of revocation
• Statement that the principal wishes to revoke their power of attorney

The document should be signed in front of a notary who should also sign and seal the document.

A copy of the document should be delivered to the agent and to any third parties who have the original power of attorney document on file. So, this stage depends on the scope of powers granted.

The revocation can be delivered in person or sent by certified mail with a return receipt. This gives the principal proof that the document reached all the involved parties. It is crucial to understand that third parties must be notified immediately about the revocation or else they cannot be held liable.

For example, John authorized his friend Stephen to act as John’s attorney-in-fact for finances on March 1^st 2016. Let’s say that John and Stephen had a huge disagreement since and John fears that Stephen may no longer have John’s best interests in mind. John signs the California Revocation of Power of Attorney on October 10^th 2016, but fails to notify the bank before October 14^th. If Stephen accessed John’s assets in this timeframe of 4 days, the bank could not be held liable because they were not aware that John had signed the revocation document.

Some Californian jurisdictions require the revocation to be published in a local publication as added protection against contesting the document.

Why would someone revoke the power of attorney for finances?

There are many possibilities as to why the principal would like to revoke the powers granted:

• They no longer need someone to act on their behalf
• They do not trust the current agent
• They have found someone who would be a better attorney-in-fact for them
• The agent has moved away or is no longer a friend or family member of the principal

Whatever your needs be in connection with power of attorney for finances, feel free to get a cost-free 30-minute consult with the Law Offices of Irina Sherbak today. We are here to address your concerns and enable you to protect your interests the best possible way!