Fillable Revoking A Power Of Attorney For Finances printable pdf download

The Coalition of

Wisconsin Aging Groups is

a nonprofit, nonpartisan,

statewide membership

organization that was

founded in 1978.

REVOKING A POWER OF ATTORNEY FOR FINANCES

Wisconsin law permits a Power of Attorney for Finances (POA-F) document to be revoked by the

principal at any time. Execution of a new POA-F does not automatically revoke an old one. The

appropriate way to revoke a POA-F is for the principal to sign and date a document clearly expressing

the principal’s intent to revoke the document.

Reasons to revoke a POA-F include:

the principal changes his or her mind about any provision or special instruction included in the

•

POA-F;

the agent is abusing his or her fiduciary duty in some way (e.g., theft or mismanagement)

•

the principal wants to change who is named as agent or alternate agent for any reason;

•

the person named as the agent moves, becomes incapacitated or passes away and there is no

•

alternate agent named;

the agent and alternate agent do not want to perform these duties;

•

the principal is dissatisfied with the decisions that the agent is making.

•

The preferred way to revoke a POA-F is to sign and date a written document revoking the POA-F

because it provides the best proof of revocation. The principal should sign and date the appropriate

revocation document, but does not need to have it witnessed or notarized. However, witnesses and a

notarized document may help in contentious situations or where the principal believes questions may

later arise as to his or her revocation of the document. Whether the document should be witnessed and

notarized is the principal’s decision. See a sample of a revocation letter below.

The principal should provide a copy of the completed revocation form to financial institutions,

investment firms, and all other interested persons who handle any or all of the principal’s assets. In

cases of contention or financial exploitation, the agent and alternate agent should be informed of the

revocation only after financial institutions and other asset management parties have been notified that

the POA-F has been revoked. Please note that in cases where the agent conducts daily or weekly

financial activity on the principal’s behalf, the principal may find out about the revocation relatively

quickly when a financial institution denies him or her access to the accounts based on the revocation. If

financial exploitation is a concern, ensure that steps are taken to inform all holders of the principal’s

assets as quickly as possible to prevent the agent from being able to access assets held at a location that

has not yet been informed of the revocation. Then send a letter (see sample below) to the agent

informing him or her of the revocation and his or her remaining duties to the principal.

2850 Dairy Drive, Suite 100

Madison, WI 53718-6742

Telephone: (608)224-0606

Toll Free: 1-800-488-2596

Fax: (608)224-0607

09/2010

Revoking A Power Of Attorney For Finances

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