Written by Benjamin Kingsley
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Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.
A power of attorney (POA) is generally not irrevocable by default. In most cases, a power of attorney can be revoked by the principal (the person who granted the power) at any time, as long as they are mentally competent. However, there are certain circumstances and types of POAs that can be made irrevocable.
The standard power of attorney is revocable, meaning the principal can terminate or modify it at will. This flexibility allows individuals to maintain control over their affairs and adjust their legal arrangements as circumstances change. The ability to revoke a POA is an important safeguard, ensuring that the principal can protect their interests if they become dissatisfied with their agent’s performance or if their relationship deteriorates.
However, in some situations, a power of attorney can be made irrevocable. An irrevocable POA is typically created for specific purposes and is often used in business transactions or estate planning. To make a POA irrevocable, it must explicitly state that it is irrevocable within the document itself. Additionally, the principal must receive some form of consideration (something of value) in exchange for making the POA irrevocable.
It is important to note that even if a POA is labeled as “irrevocable,” there may still be circumstances under which it can be terminated or modified. For instance, if the purpose for which the irrevocable POA was created has been fulfilled, or if all parties involved agree to its termination, the POA may be revoked. Additionally, a court may intervene to revoke an irrevocable POA if there is evidence of fraud, undue influence, or breach of fiduciary duty.
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.