Termination of a power of attorney in Los Angeles CA necessarily depends on the type of power of attorney you are dealing with. A power of attorney in California is a legal document authorizing an agent to act on your behalf. Your agent can be authorized to do many things for you, including signing checks, filing tax returns, entering into contracts and other financial transactions. One good thing about a power of attorney is that it can be customized to fulfill your specific purposes, thereby requiring your agent to only act to fulfill that purpose.
Types of Powers of Attorney in Los Angeles CA
A power of attorney normally ends upon one of three conditions: (1) when its purpose has been fulfilled, (2) when the person who executed the power of attorney becomes incapacitated, or (3) at that person’s death.
There is also something known as a “durable power of attorney.” A durable power of attorney remains in effect even upon incapacitation. However, a durable power of attorney still ends when upon death because it does not confer authority to your agent to handle your affairs after your death. Issues arising after your death are generally handled by living trusts or wills.
What situations can terminate a Durable Power of Attorney?
Other than death, there are several situations that can result in the termination of a durable power of attorney. Although it is not very common, a court can revoke a power of attorney when there is evidence the person executing the instrument was not mentally competent at the time. Another situation when the court will intervene is when it is suspected that the document was signed under undue influence or fraud. Also, in many states including California, divorce automatically terminates a durable power of attorney, if the ex-spouse is the named agent.
Why would you want to revoke a Power of Attorney?
The person executing a power of attorney can also revoke the instrument as well. There are several reasons when this may be a good decisions. One such reason is that the circumstances which initially made the power of attorney necessary have changed. In that case, you may no longer need someone to handle your affairs. Also, you may have lost trust in the person you originally designated as your agent. You can revoke the trust in order to execute another trust naming someone else.
How do I revoke my Power of Attorney in Los Angeles CA?
Revoking a power of attorney should always be in writing and notarized by a notary public. The language required is pretty simple. Include your name and a statement that you are of “sound mind,” and you want to revoke the existing power of attorney. You can also state the date the original power of attorney was executed, but that is not required.
Under California law, notice of revocation or any modifications to a power of attorney must be given to the attorney-in-fact may. If not, the attorney-in-fact will not be responsible for any problems that arise. Also, it is a good idea to notify all financial institutions with which your attorney-in-fact may have done business on your behalf of a revocation.