Re: procedure to end a Power of Attorney - Posted by Just Some Guy
Posted by Just Some Guy on July 13, 2005 at 04:11:21:
First I’m going to state a serious disclaimer, I’m not an attorney, so verify all facts yourself, and I’m not giving any legal advise, if you have questions you should check with an attorney.
You might also want to check the response I gave regarding power of attorney for the posting: Can power of attorney stop a foreclosure
Most people don’t truly understand what a POA is. A Power of Attorney is probably the biggest act of trust that one person can place in another, even more so than marriage. It can be a very powerful tool and if the power is given to the right person can be of great benifit to you. However if given to the wrong person or written to broadly for the purpose you were intending then it can be the most dangerous thing you’ve ever done. A POA can give another person the authority to destroy you and in many instances the law will not be able to prevent it. Anyone giving over a POA to someone should trust that person completely.
Now if you need to execute or revoke a POA you do not need an attorney, but I’m not saying you shouldn’t use one. That is a decision you need to make yourself, but keep in mind that if you execute a POA that is written to broadly you may be authorizing someone to transfer every single asset you have into there own name, kick you out of your home and leave you on the streets, and if written incorrectly you may have very little or potentially no legal recourse to get it back. If you trust the person that much then fine, but you had better be very sure, Consequently in most situations an attorney is a VERY good idea. Unless of course you don’t mind being left a homeless pauper.
I have personally accepted a POA that is written that broadly, in our situation there were very good reasons for doing so. In most situations though it is advisable not to make it that broad. I happen to have enough personal integrity and morality to handle the responsibility. Based on experience I don’t think I could make the claim that most people do as well. In dealing with a POA it is best to remember the old adage; Power Corrupts, and Absolute Power Corrupts Absolutely. I do think that most people are trustworthy and would try to do the right thing. But in a POA you are actually looking for someone to make sure that your intentions are honored and acted upon, even if they personally disagree with you about it. I’ve been in arguments on more than one occasion, taking a position that I personally disagree with. I feel that if I hadn’t been able to convice him when he was able to make there own decisions, then it isn’t right for me to act against his wishes now. Simply because I even have to have those arguements lets me know that at this moment I don’t have anyone I would want to trust with absolute control over my finances.
Now on to what you need to do. If your even asking about this then I’m assuming you probably found that you chose the wrong agent. Or you needed to give someone a limited POA for a specific purpose and wrote it too broadly. In either case you should take care of the matter quickly. As mentioned in other posts an attorney can do this very quickly for you and if you can afford one then you should do that. Even if you do use an attorney it is sometimes cheaper if you present them a completed document for them to review than it is to walk in and ask them to start it from scratch.
To revoke a POA you must do it in writing and deliver it to your agent(attorney-in-fact) notifying him that you have revoked the POA. In California there is a recommended way to write it. You should check California Probate Code Section 4400-4465. You can find the statute online. If your in another state I would recommend you check your own state laws.
It is important that you understand that any third party that he has provided the POA to is not require to stop acting upon it until they are also notified. It would be illegal for him to continue acting on it, but unless the they knew it was revoked the companies would not be liable for it. If you aren’t sure of who he has been doing business with then you would be best advised to notify anyone you have done any business with at all.