Why You Should Create a Deed of Revocation of Power of Attorney and Exactly How to Do It
A Power of Attorney (POA) is a powerful legal document that grants someone else the authority to act on your behalf in personal, financial, or medical matters.
However there may come a time when you need to revoke that power. Whether due to changes in your relationship with the appointed attorney, a shift in your personal situation, or simply a decision to take back control, creating a Deed of Revocation of Power of Attorney is a crucial step to ensure your wishes are respected.
Why You Should Create a Deed of Revocation of Power of Attorney
1. Protect Your Interests:
Revoking a Power of Attorney ensures that the person you originally granted authority to no longer has legal control over your affairs. If your relationship with the attorney has changed or you no longer trust their judgment, revocation is necessary to protect your interests.
2. Adapt to Life Changes
Life changes such as marriage, divorce, relocation, or changes in health might necessitate revoking an existing POA and appointing someone else. A Deed of Revocation allows you to adapt to these changes, ensuring that the person handling your affairs is the one you currently trust the most.
3. Prevent Misuse of Authority
Unfortunately, there can be instances where the person holding your Power of Attorney may misuse their authority. By formally revoking the POA, you prevent any potential misuse and safeguard your assets, finances, and well-being.
4. Avoid Legal Complications
Simply telling someone that their power has been revoked isn’t enough. Without a formal Deed of Revocation, the original Power of Attorney remains legally binding, which can lead to complications. A legally recognised revocation document ensures that the revocation is clear, official, and enforceable.
5. Peace of Mind
Knowing that your Power of Attorney is revoked and no longer in effect provides peace of mind. You can rest assured that your affairs are handled according to your current wishes, without any lingering uncertainties.
How to Create a Deed of Revocation of Power of Attorney
Creating a Deed of Revocation of Power of Attorney is straightforward but requires careful attention to detail. Here’s how to do it:
1. Review the Original Power of Attorney
Start by reviewing the original Power of Attorney document to understand its terms, the powers granted, and the identity of the appointed attorney. This will help ensure that your revocation is comprehensive and specific.
2. Draft the Deed of Revocation
Your Deed of Revocation should include the following key elements:
- Your full name and address
- A statement declaring the revocation of the Power of Attorney
- Details of the original Power of Attorney, including the date it was signed
- The name and address of the attorney whose power is being revoked
- The date of revocation
- Your signature
3. Notify the Attorney and Relevant Parties
After creating the Deed of Revocation, you must notify the attorney in writing that their powers have been revoked. It’s also important to inform any institutions, such as banks or healthcare providers, that the POA is no longer valid.
4. Register the Revocation
If your original POA was registered with the Office of the Public Guardian (OPG), you must notify the OPG of the revocation. This ensures that the revocation is officially recorded and recognised. How to Notify: Send the Deed of Revocation to the OPG either by post or through their online services, if available. Including a copy of the original registered POA can help expedite the process.
5. Use a Legal Template
To simplify the process, consider using a legal template. Aatos will soon offer a Deed of Revocation of Power of Attorney template, designed to make the process straightforward and legally sound. This template will help you ensure that your revocation is properly documented and enforceable.
Final Thoughts
Revoking a Power of Attorney is an important decision that should be approached with care. By creating a Deed of Revocation of Power of Attorney, you take control of your legal and financial affairs, protecting your interests and adapting to life’s changes. Keep an eye out for Aatos’ upcoming Deed of Revocation of Power of Attorney template, which will make crafting this critical document easier and more accessible. Whether due to a change in circumstances or a shift in trust, ensuring that your Power of Attorney aligns with your current wishes is vital for your peace of mind.