A durable power of attorney is one of the most important estate planning instruments available. It is extremely important that a trusted individual be named to make financial decisions on your behalf should you become unable to speak for yourself. Since this is such an important decision, it is also important to understand that if for any reason you should become unhappy with the person you have appointed to be your agent, you may revoke the power of attorney at any time.
There are several key elements that should be included in a written revocation of a power of attorney. These are:
• Your name
• A statement that you are of sound mind and your wish to revoke the power of attorney
• The date the original power of attorney was executed
• The person selected as your agent
• Your signature
The document should then be sent to the agent and any other individuals, businesses, or institutions that have a copy of the power of attorney that is being revoked. It is also a good idea to get the old power of attorney back from your agent. If this cannot be done, send the agent a certified letter, stating that the power of attorney has been revoked.
After revoking a power of attorney, make sure you appoint a new agent. An estate planning lawyer can assist you with revoking an old power of attorney and appointing a new one.