Power of attorney (POA) is an important part of your estate planning process, and you must ensure that you entrust the role to the right person. If you need to change or revoke this role, it is important to work with an experienced Massachusetts estate planning lawyer who can make sure all the legal requirements are met. They can also provide you with peace of mind that you and your estate are protected.
What Does It Mean to Revoke a Power of Attorney?
In estate planning, a power of attorney is a document that gives another individual the legal right and authority to act in your stead for financial and legal matters if you are no longer able to make decisions for yourself. Because of the authority this legal document bestows, it is important to trust the person you have assigned POA to, such as a spouse, family member, or a fiduciary.
If you no longer need a POA or no longer want an assigned individual to serve in that capacity, you have the right to revoke a power of attorney. This involves taking the correct legal steps to remove their authority and access to your estate. You must notify all parties involved.
Common Reasons for Revoking a Power of Attorney
There are a few key reasons why you may want to revoke a power of attorney. In some cases, you may change your mind, or your POA is no longer available or capable of serving in this role. If your POA has taken advantage of their authority, abused funds, failed to execute their responsibilities, or failed to ensure financial transparency, revoking their status can quickly put a stop to their rights and access. This is particularly important where your finances and real estate matters are concerned.
How to Revoke Power of Attorney in Massachusetts
Revoking a power of attorney requires taking action through the proper channels to make sure that the revocation is legal and thoroughly binding when it is completed. Your lawyer can walk you through each of the steps so you know what to do and what to expect. Below is a closer look at what steps you must take.
Confirm Your Legal Capacity to Revoke
Before you can revoke your agent’s POA, you must demonstrate that you are making this change willingly and of sound mind. Work with a lawyer and your medical provider to provide the necessary documentation that you have the capacity to take legal action.
Draft a Formal Revocation Document
Coordinate with a lawyer to draft legal documents revoking your agent’s POA. You will need to provide your information and the information of your current POA in the document. Additionally, you must provide details on when the original POA was implemented and your reasons for why you are choosing to revoke it at this point in time.
Sign and Notarize the Revocation
Once the revocation document is complete, it must be signed and witnessed by a notary to be executed and considered legally binding. This is the last step in the formal drafting phase of the revocation process. This step ensures its validity and that it can be legally recognized by applicable parties.
Notify Your Agent of the Revocation
Notify your previous agent that you have revoked their POA status and that they no longer have authority to act on your behalf. Your lawyer can help you draft a letter informing them of the change. Be sure to keep a copy for your records, so you have a written record that the agent was notified.
Notify Relevant Third Parties
To ensure the safety of your information and estate, notify your financial institution, bank, and other applicable third parties that you have revoked POA for the individual named on your accounts. If your previous POA tries to take action, these third parties can ensure that their activity is denied.
Retrieve or Destroy Original POA Documents
It is important to destroy any original documents you may possess related to your agent’s POA. Be sure to get documents back from your agent as well, so they cannot attempt to use these documents to try to continue to make decisions or take action on your behalf. Destroying all original documents can also help prevent confusion.
Record the Revocation with the Registry of Deeds
When revoking a POA, you must record the revocation with the Registry of Deeds to ensure the POA’s access to your real estate holdings is terminated. You must file the appropriate paperwork within the county where the original POA documents were recorded.
What Happens After You Revoke a Power of Attorney?
After you have completed all the steps to revoke power of attorney, you may begin drafting legal papers to name a new power of attorney, if you so choose. Be sure to continue to work with a lawyer to reassign this role to another trusted individual. You will need to complete the same initial process.
Speak With a Massachusetts Estate Planning Attorney
Speak with Cohen Cleary, P.C. when you wish to make changes to who you have assigned as power of attorney. We help you ensure that every step is completely accurate so you can rest assured that a previous power of attorney can no longer make decisions on your behalf. We are committed to serving you and providing the insight and counsel you need. Schedule a free consultation by contacting us today.
