Best way to Revoke Your Durable Power of Attorney for Finances
Once a power of attorney is made, there are chances that after sometime you are not happy with the appointed person to take decisions for you. At this point, you may cancel the same at any time. There is a set procedure which can help you in properly revoking a power of attorney in Dubai.
The common issues which can lead to revocation of power of attorney can be personal reasons like divorce, death of the agent or incapability of the agent in performing the said functions.
If the appointer is not happy with the agent, cancelling the power of attorney can be a great idea. But one must keep in mind that the POA may also include a second agent. This is extremely useful if the principal agent has passed away or is not well.
Cancellation of POA may also be required if the coverage of the document is either too wide or too narrow. In such situations we have to cancel the previous POA and form a new one with the revised scope of work and authority.
Steps to revoke a durable POA in Dubai
- Check if the POA can be revoked by you- the person eligible to revoke a POA is the principle himself while he or she is competent. Since only the principal is given a standing its very hard for anyone.
- Decide the route of revocation- a POA can be revoked altogether or can be revoked in parts and remade with new terms and conditions.
- Understand the procedure in the region- there are specific laws that are to be followed prior to revoking a POA in Dubai. The procedure may be very thorough or it may just be revoked by cancelling all the copies of the existing POA. The principal may have to sign the cancellation document that states POA has been revoked in the presence of Notary Public Dubai.
- Lastly, a notification must be sent to all the concerned third parties- in case the existing POA has been shared with the third parties then they need to notified of the revocation of POA. The notification can be sent via email and such notifications can only be recognized once hey are received. If the agent has acted as per POA and the third party is not aware of the same then the bank cannot be held liable. However, if there is a proof that the agent is aware of revocation of POA then the damage caused is recoverable. The revocation notification can also be sent to third party by sending a letter to them.
In UAE, POA can be cancelled by merely filling the revocation of POA form. The form can be used to revoke the durable POA altogether, to cancel some rights or even to change the terms and condition. The filler up form has to be notarized by the notary public in Dubai. Hiring a lawyer is not required for cancellation of POA. There is a reasonable amount of the template of cancellation and in presence of witness, simply signing the form can revoke the POA.
The revocation of durable POA has to be done immediately if some breach of trust has happened between you and the agent as he/she can misuse the given rights and cause problems for you. So before getting trapped in a tense condition, POA should be revoked as soon as the need arises.
The information shared above states the procedure for cancelling a POA in Dubai. Get in touch with notary experts if you want to get a POA revoked or if your want to get a new one.