The revocation of POA is ending the power of attorney contract that was signed between the principal and the attorney in fact. There are a number of reasons to revoke the power of attorney and there are a number of causes by which the POA ends automatically. So, let’s have a look at how an individual can revoke the POA if needed.
- At first, the principal has to issue a notice in a daily public newspaper informing that the principal is going to end the deed.
- After this, the principal has to get a registered cancellation deed from the office of the registrar.
- At last, you have to give this cancellation deed to the power of attorney holder.
This is a very simple and common procedure that is being used for the revocation of almost every contract including the power of attorney. Other than this, there are many reasons by which the POA contract breaches by itself. The nature of POA is of two kinds, revocable POA, and irrevocable POA.
Revocable Power of Attorney:
The revocable POA is which can be revoked by the will of the principal. The principal can end the POA contract whenever needed if it is revocable. These are some circumstances of revocation of POA:
- If the POA is revoked by the principal itself
- If the purpose of the POA is completed
- If the principal renounces the POA and its authorities
- If either the agent or the principal or both of them become mentally ill, unsound minded, declared insolvent by the court, dies, or neglect to carry the outlined responsibilities further
- If there is any kind of violation in the policies of POA
Irrevocable Power of Attorney:
If the POA has a clause stating that such power of attorney can not be revoked, only then the POA can not be revoked. When the agent has some interest in the matter then both the agent and the principal have to consult each other for the revocation. According to the poa law, no power of attorney is irrevocable, it is sometimes the circumstances that need some consultancy and the court decides the rest.
The POA is brought into action for many reasons such as power of attorney for real estate, for managing business and financial activities and for many other reasons. So, the chances of power of attorney stealing inheritance are very likely to be high. If you find out that the professional agent or the sibling abusing power of attorney (whom you assigned as the attorney in fact) then you must consult a family or a power of attorney lawyer for this. Sometimes it is a matter of life and death because in the general POA contract, the principal transfer all the powers to the agent including the medical and healthcare. So, the special power of attorney is considered as ideal but if the agent is trustworthy, a reputed professional, or a family member then the principal feels reliable. The principal needs to be careful while choosing the attorney in fact.
*Some people often call the POA as the power of eternity but this term is not correct.