A financial enduring power of attorney is a legal written document that authorises another person to make legal and financial decisions for you. Once you have signed a financial enduring power of attorney in the favour of another person, that person will have the legal right to make financial and legal decisions on your behalf. General power of attorney vs enduring power of attorney
When creating a financial enduring power of attorney, you need to specify various things such as:
Once you have created the financial enduring power of attorney by filling out the relevant form, you need to get it witnessed by at least two people. If two people are not present as witnesses to the signing of the document, it will not be considered as a valid and legal document. Of the two witnesses that you choose, only one person can be a family member. The other person should not be related to you. Also, one of the witnesses should have the authority to witness statutory declarations such as a power of attorney. Under no circumstances can any of the appointed attorneys witness the financial enduring power of attorney. After a power of attorney has been created and an attorney has been appointed, your circumstances may change and you may not need the power of attorney any longer. Or, you may want to alter the terms of the power of attorney or appoint a new attorney. In such cases, you do have the option of changing your power of attorney to specify the new terms, and even cancelling it altogether. Regardless of which type of power of attorney you have created, be it a general power of attorney, a financial power of attorney or a medical enduring document; you may want to change or cancel it for several reasons. Here is a look at some people do so:
Regardless of what the existing reasons are, you have the power to change or cancel your power of attorney. However, it is possible to do so only if you have the mental capacity to make your own decisions. If you are mentally unfit or incompetent, then you do not have the power to cancel your powers of attorney. In such circumstances, if the tribunals or courts determine that your attorney is not necessarily acting in your best interest and is not making the right decisions on your behalf, then they have the authority to cancel any powers of attorney that you may have signed. If you want to change some of the details in your power of attorney or appoint new attorneys, you will have to cancel the existing documents and fill out new forms for a new power of attorney. Here’s what you need to do to cancel existing documents of power of attorney:
Once you have cancelled a power of attorney, you should make sure that you destroy all the written documents in this regard. Ask for any copies of the document back from your attorneys and destroy those too. Each state has slightly different guidelines you must follow if you want to revoke a power of attorney. At the very least, most states recommend that you:
Most states also require that you are of a sound mind in order to make changes to a power of attorney. Here are the specific requirements and links to relevant forms for each state: There is no special form required but you must put something in writing that makes it clear that you're revoking power of attorney. If you would rather use a form, the SA government sells one here. There is no special form required but you must put something in writing with the following information:
You can find an example form here. It is recommended that you revoke your power of attorney in writing but it is not required. There is an example form on this official site, but you must register to access it. You must give your attorney written notice that you are cancelling the power of attorney. If the power of attorney is registered, you must register the revocation using this form. You can revoke your power of attorney at any time orally or in writing. There is no special form required, but you can find an example form here. You can revoke your power of attorney at any time. If your power of attorney is registered, you much complete this form, pay a fee and submit the form and fee to the Land Titles office. To revoke a power of attorney, you and a witness must sign this form and take reasonable steps to notify your attorney. You must deregister your power of attorney if you originally registered it under the land Titles Act 1994. |