Introduction
A revocable power of attorney, sometimes known as a springing power of attorney, is a legal document that allows a person, called the “principal,” to give another person, called the “attorney-in-fact” or “agent,” the authority to act on their behalf. The principal retains the right to revoke the power of attorney and the authority of the agent can only be exercised while the principal is competent, unless otherwise specified in the document granting the authority.
Definition
A revocable power of attorney is a document that authorizes a third party to act on behalf of an individual, usually to carry out certain specific tasks. The principal person makes the document, which gives the agent specified powers, and is valid only while the principal is mentally competent. At any time, the principal can revoke the document if necessary. This type of power of attorney allows the principal to be in control of the actions of the agent and allow the agent to act only on their behalf within the limits of the powers outlined in the document.
Procedure
In order for the revocable power of attorney to become legally valid, the principal must create a valid power of attorney document. The document should be signed in the presence of two witnesses, or notarized by a notary public. The document must be signed by the parties involved, or by a legal representative of the principal if they are incompetent or unable to sign.
Revoking Authority
The principal can revoke the power of attorney at any time and for any reason, provided they are mentally competent. The revocation can be done orally or in writing and should be followed up with a written letter informing the attorney-in-fact of the termination. The letter should be sent via certified mail with a return receipt requested to ensure that it has been received. Furthermore, the principal should provide written notice to any third parties who have previously been provided with a copy of the power of attorney document, to let them know of the revocation.
Conclusion
Revocable powers of attorney can be an important legal tool for those wishing to grant someone else the authority to act on their behalf in a variety of situations. By understanding the definition and procedure for creating and revoking this type of document, individuals can ensure that their best interests are protected when transferring power to another party.
