Business and personal affairs can come to the point where one party no longer wishes to or is capable of managing their finances. You had the best intentions when you issued your Power of Attorney, but circumstances may have changed, requiring you to revoke it. It is always good to update your legal paperwork when the situation changes.
Fortunately, making those changes can be done by using a Revocation of Power of Attorney, which helps you cancel your Power of Attorney that is not needed anymore.
Power of Attorney (PoA) gives a designated party the power to act on behalf of another, known as the principal. In most cases, the party with PoA has the authority to make decisions concerning the principal’s property, finances, investments, and medical care.
Other names for this document:
- PoA Revocation
- Power of Attorney Revocation
- Revocation of Power of Attorney Form
- PoA Cancellation
In certain circumstances, a PoA may need to be canceled. As with most legal matters, this can be a complex process and always requires expert advice and guidance.
To help simplify the process, in this article, we’ll cover:
Common Reasons To File A Revocation Or Cancellation Form
If for whatever reason, you’ve become unhappy with the individual you have an appointment to make decisions for you, you may cancel or revoke a standing power of attorney. Here are some reasons why you might want to file a revocation or cancellation form :
The Relationship With Your Agent Has Changed
You can apply for revocation if you no longer wish for the original agent to continue managing your PoA agreement.
You may choose to do this because you feel you can no longer trust your agent or are no longer comfortable working with your agent for any other reason.
Should this be the case, you must first revoke the original PoA and apply to appoint a new agent.
You Found A More Suitable Agent
It may be that you still trust your current agent but have found another that is better suited to your needs. The new agent may have more experience in a specific field, or you have a better working relationship.
Once again, to appoint this new agent, you will first need to revoke or cancel your current PoA. Once canceled, you can then appoint your new chosen agent.
Your Agent Is No Longer Qualified
Certain changes to your health, finances, asset holdings, or personal circumstances can mean that your appointed agent is no longer qualified to handle your affairs.
When this happens, you are free to look for another with the specialist qualifications required to manage the new circumstances that you find yourself in. Having canceled your original PoA, you can appoint your new agent.
Your Agent Is No Longer Available
Agent’s circumstances can change too. An agent may move to a new country or jurisdiction or take on more time-consuming clients. In any case, the result is an agent who is less available than at the beginning of your agreement.
You can revoke your PoA and appoint a new agent in this scenario.
PoA can also be cancelled for the following reasons:
- PoA reaches the agreed end date and is not renewed
- The appointed agent or subject of the PoA is no longer mentally capable
- The appointed agent or subject of the PoA is deceased
How To Revoke Power Of Attorney In Dubai, UAE
The authorised party can cancel a PoA at any time for certain reasons. To do this, you must go through the required steps to officially declare the end of the legal agreement.
The process of canceling a POA in Dubai is not very complicated if you have a lawyer. POA cancellation involves the following steps:
1:Â Verify Whether You Can Revoke Your PoA
The person that can revoke a POA is the principal while he or she is competent. If the document has named the agent of a durable POA, the principal’s POA may take an agent to court in order for a judge to cancel the POA. This is rarely the case, as no one other than the principal can sue the agent over a POA, as only the principal is given standing.
2:Â Decide How To Revoke
There are several options for the revocation of a power of attorney in Dubai. It is possible to revoke an entire power of attorney. The POA may also be revoked so that a new one can be signed with a different set of terms with the same or new agent.
3:Â Get To Know The Regional Procedure
Revocation of POAs in Dubai requires compliance with specific laws. It may be possible that your power of attorney may be revoked with the destruction of all copies of an existing POA.
4:Â Notify All Interested Third Parties
If the existing power of attorney was sent to third parties e.g. physicians and banks, then there is a need to ensure that they are notified of the cancellation of the POA. A copy of the document may be mailed or taken to the office of the third party who needs to be notified.
Revocations sent through the mail are only recognized once they have been received. If the agent acts according to the POA before the revocation has reached the third party, then the bank won’t be held liable if that’s taken or used in conjunction with a POA. However, for this situation, you may recover damages that the agent has caused as long as proof that the agent knows the POA has been revoked.
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- Prepare a Notice of Revocation
- In front of a witness, sign the document
- Notarize the document
- Record the revocation document
- Inform your former POA of your decision
- Notify all financial and medical (and any other) institutions of the decision – provide them with the Revoke Power of Attorney form
How Long Is A Power Of Attorney Valid In Dubai?
A PoA can run for an unlimited period; however, it must be renewed regularly. Renewals take place every two years in Dubai. There is no limit to the number of times you can renew
Steps to Cancel Power of Attorney
Before starting the process of cancelling your PoA, you should first consult with a local business expert in the UAE.
To cancel your PoA, we’ll guide you through the following services:
Step 1: Complete the cancellation form
The first step is to complete the required paperwork to cancel your PoA. When conducting this process, it would be best to work with an authorised agent. This form includes details of the current agreement and the start date of the PoA.
Step 2: Signing the form
As your cancellation form is legally enforceable, the signing process is vital. All signatures must be completed in front of witnesses. Both signatories and witnesses must produce an officially recognised ID.
Step 3: Submit your cancellation form
You PoA cancellation form should be mailed to the agent whose powers you are revoking. Copies should also be sent to any banks, healthcare providers and other institutions that will be impacted by the revocation. Be sure to send by registered mail so you can be sure that each copy has been received.
Do You Need A Lawyer To Revoke A Power Of Attorney?
The answer is no. There is no legal requirement that a lawyer must prepare or approve a power of attorney. As you read above, the steps are straightforward.
Nonetheless, it can be helpful to consult with a lawyer before signing any legal document to ensure that it fulfills your intended purpose. It is crucial to ensure you assign the right powers within the parameters you intend to set forth.
If you have decided to revoke a POA’s authority, you must know the legal steps involved. Failing to revoke POA properly can create long-term hassles in the future.
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