Revocation:
In most cases, a person (the principal) who has appointed someone else to act as their attorney may revoke that power at any time if they wish, if they have legal capacity.
However, an irrevocable power of attorney can only be revoked in very limited circumstances – for example if the attorney consents.
A principal may wish to revoke a power of attorney for a wide variety of reasons. For example, the attorney’s health may have declined or the attorney may no longer be suitable to act or there may have been a falling out between the principal and the attorney.
The principal must notify the attorney in writing that their powers have been revoked. The principal should keep records to be able to prove that this has occurred.
In certain circumstances other steps may need to be taken. For example, in some cases it may be necessary to formally register the notice of revocation. It may also be necessary to have an independent person serve the notice of revocation on the attorney and to swear a statutory declaration that he or she has done so.
If you wish to revoke or change a power of attorney that you have previously signed, you should contact an estate planning a lawyer at Matthews Folbigg – we can tell you what you need to do to ensure that your interests are properly protected.
Renunciation:
In most cases, the attorney may themselves renounce the authority granted to them by a power of attorney at any time without the prior permission of the principal.
We recommend that the attorney does so by notice in writing to the principal.
Contact Matthews Folbigg Lawyers in Parramatta today for more information or legal advice regarding powers of attorney, Wills and estate planning. Our team of expert lawyers can provide practical and affordable advice on various legal issues.
Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9806 7490
