You can make the decision to revoke power of attorney for any number of reasons, not least of all the simple notion that maybe you just changed your mind. However, the how, when, and why of revoking these legal powers should be considered, lest you risk issues like lapses in representation.
Only you, or someone the court appoints to act in your best interests, have the ability to revoke power of attorney from any previously selected agent. The court also asks that you be of sound mind to make these changes.
Why Should You Consider Revoking the Power of Attorney?
The reasons why you may consider making changes to your power of attorney agent can be personal or legal in origin. Perhaps your relationship with the selected agent has changed dramatically, maybe even deteriorated completely, in the time since you initially named them. Or maybe the person you selected simply does not want to be your power of attorney agent anymore, for reasons including but not limited to using up their personal time and/or mental well-being in the role. It would also likely be necessary to select a new attorney-in-fact if your agent was your spouse, but the marriage ended in divorce.
If your agent has passed away or is no longer mentally or physically competent for the demands of the role, it is necessary to select someone new. And while you may select an agent who lives out of state, their availability must come into mind in relation to their ability to perform the duties of the role they’ve been given.
How Can Powers of Attorney Be Revoked in the State of Colorado?
You can revoke power of attorney by either destroying all documents and copies relating to the original selection or by filing an official Notice of Revocation. Filing the official notice is the preferred course of action, however, as it creates a paper trail of your intentions in cases of future legal conflict.
You may transfer power of attorney to someone new before or after declaring an official notice of revocation. However, it is recommended that you file these documents separately.
If you wish to amend your power of attorney, do not simply edit the document, as this may call the document’s authenticity into question. Even if only minor changes are being made, it is advisable to start over with a new document.
When is the Right Time to Make This Change?
So long as you remain mentally capable, you may change your designation of durable power of attorney at any time between its initial creation and the time when it comes into effect. The most obvious times to amend your power of attorney are after marriage or divorce, after moving to a new state with its own particular laws, or if you lost the original document.
When making changes to your POA, it is important to notify relevant parties, such as banks, creditors, landlords, lawyers, doctors, and insurance companies. Contact our law firm today at (720) 420-1039 to learn more about how we can help you with your situation.