Power of attorney can be revoked at any time with a simple signature. Understand how to revoke power of attorney and how it is carried out with tips from an experienced financial adviser in this free video.
This is Patrick Munro, Financial Adviser, talking about how do you revoke a Power of Attorney. A Power of Attorney is a legal instrument or a document that allows one individual to have inherent rights over another individual for their care and upkeep. Normally this can be either on a limited basis or a durable, long lasting basis. The way to revoke a Power of Attorney if it's on a limited basis is that during that limited period of time one individual serve their needs over another, and therefore that arrangement has come to a finalization. There is a simple paper that is signed and that reverts the rights back to the original individual, and both parties go their separate ways. If there is a durable Power of Attorney and one individual is taking advantage over another and abusing that durable privilege, a third party can intervene and there can be litigation, and it is proven that another person is either stealing from one other person who they have Power of Attorney over, or various other abuses. If that's the case the court will grant a right to revoke that Power of Attorney. This is Patrick Munro, Financial Adviser, talking about the ways to revoke Power of Attorney.