Williamson County Estate Attorneys on When to Revoke a Power of Attorney: Key Reasons to Consider

Power of attorney (POA) documents can be a lifesaver, granting a trusted person the authority to make important decisions on your behalf when you can’t. However, there may come a time when you need to revoke or update your POA. In this blog post, our Williamson County estate attorneys discuss common reasons for revoking a power of attorney and what steps you should take.

Change in Circumstances

Life is full of twists and turns, and sometimes these changes can impact your POA.  Common life changes that may require an update to your documents include:

• Relationship Changes: If your relationship with the person you chose as your agent sours due to divorce, separation, or a major disagreement, it’s essential to revoke your POA. The same applies if your agent passes away or becomes incapacitated.
  
  
• Personal Life Changes: If you move to a different state or country, experience significant financial changes, or have new healthcare needs, it’s a good idea to review your POA and make necessary updates.

Inadequate Agent Performance

Your agent’s inability to fulfill their responsibilities can be a cause for concern. If you notice the following, you may consider amending or revoking your POA:

• Incompetence: If your agent struggles with managing your financial matters or doesn’t understand your wishes, it may be time to revoke your POA and find a more suitable agent.
  
  
• Misconduct: If you suspect your agent is committing fraud, embezzling your funds, or negligently handling your affairs, you should revoke your POA immediately. Undue influence or manipulation by the agent is another red flag.

Legal Considerations

Revoking a POA involves more than just making a decision. You must also consider other legal aspects that might affect your plan, including:

• State Laws: Be aware that different states have specific laws regarding powers of attorney. Familiarize yourself with the requirements for revoking a POA in your state.
• Proper Documentation: Document the revocation in writing, and ensure all parties, including your financial institutions and healthcare providers, are notified.

Regularly reviewing and updating your estate planning documents, including your POA, is vital. If you’re unsure about whether it’s time to revoke or update your power of attorney, consult our Williamson County estate attorneys for guidance. After all, it’s better to be proactive and stay ahead of any potential issues. Call 512-337-7271 to schedule an appointment.