Life circumstances evolve, and so do your needs. The trusted individual you appointed as your power of attorney may no longer be the best fit.
The good news is that a power of attorney isn’t permanent. You can revoke it at any time without needing justification. It’s a serious decision that shouldn’t be made lightly, but there are certain legal situations when it’s justified.
CHANGING LIFE CIRCUMSTANCES
Over time, your life situation can change in ways that call into question whether your initially appointed agent is still the right choice. For example, suppose you execute a new estate plan, acquire significant assets, move to another state or your family dynamics shift. If this happens, you may wish to select a different agent that is more aligned with your new circumstances.
AGENT’S LACK OF TRUSTWORTHINESS
It’s a big red flag if you discover your appointed agent has been misusing or abusing their authority by mismanaging your finances or acting in their self-interest rather than for your wellbeing.
AGENT’S INCAPACITATION OR DEATH
In the event your designated agent becomes incapacitated due to an accident, illness or declining mental state, they can no longer adequately carry out the required duties of their power. Similarly, if your agent passes away, their authority is automatically terminated, and you will need to appoint a new agent.
AGENT’S REQUEST TO BE RELIEVED
In some situations, the agents may prefer to be relieved of their power of attorney duties and responsibilities. If your appointed agent asks to be removed from that role, it’s best to honor the request and remove them from the position.
While establishing a power of attorney is advisable, periodically reviewing that decision is prudent to help ensure you maintain control over who is empowered to make critical decisions on your behalf. If your trust in the agent wanes significantly or situations change, revoking or updating your power of attorney document with legal guidance can protect your best interests.