- posted: Apr. 23, 2023
- Estate Planning
A power of attorney lets you grant someone the authority to manage some or all of your financial affairs in defined circumstances. Usually, the power is not executed unless and until you become mentally incapacitated. However, there may be reasons for revoking this authority before that contingency arises. If that occurs, you need to follow Arizona’s legal procedures precisely, both for the revocation and for creating a new power of attorney.
Reasons to revoke a financial power of attorney in Arizona include the following:
- Death or incapacity of the agent — The person you appointed (known as your agent) may have died or become mentally or physically unable to take on the fiduciary duties that come with the power.
- A change in relationship — You most likely appointed a close friend or relative as your agent. But you and that person may have had a falling out or otherwise have parted company. An example is if the agent is your spouse and you get divorced.
- Unavailability of the agent — If your agent has moved out of state or has taken a job that often has them traveling abroad, they may not be able to shoulder their responsibilities under the power.
- Loss of confidence in the agent — Your agent may have acted in such a way that casts doubt on their character or trustworthiness.
To revoke a financial power of attorney in Arizona, you must draft a written document that includes your name, the name of the agent, the date of the power of attorney and the reason for the revocation. You must sign the revocation in front of a notary public or two witnesses who are over the age of 18 and not related to you or the agent.
You should also provide a copy of the revocation to the agent and to any third parties who may have relied on the power of attorney, such as banks or financial institutions. Although you do not need to file the revocation with the court, keeping a copy for your records is advisable.
At the same time, you will probably want to create a new power of attorney with a new agent. An experienced Arizona estate planning attorney can assist you with making sure the new power is effective and addresses your particular needs.
The Law Firm of Joseph M. Udall, PLC in Mesa helps Arizona residents with all aspects of estate planning. Call (480) 500-1866 or contact us online. We provide telephone consultations, Saturday and evening appointments are available.