SUPERCentral is an independent online platform provider of SMSFs, advice, legal documentation and wealth management services to accounting and financial planning firms throughout Australia.
Revocation of Enduring Power of Attorney
A Power of Attorney is a document by which a person (called ‘the principal’) appoints another person (‘the attorney’) to act on the principal’s behalf in relation to the principal’s property and financial affairs.
Sometimes it’s necessary to change your Power of Attorney in which case you’re going to need to revoke the existing appointment.
What would happen if you decided that the person you have appointed as your Enduring Power of Attorney is no longer suitable for the role? Perhaps your relationship with your previously appointed attorney isn’t what it used to be – maybe you’ve grown apart, maybe they have personal issues of their own that they need to focus on, or maybe they just won’t stop talking about cryptocurrency and what a great investment it can be.
These are all worrying signs, and you’d prefer to give this responsibility to someone else.
Now imagine that you’ve appointed a new attorney and the old attorney doesn’t know. They live their life quite happily under the assumption that they are still your attorney.
See the problem?
You haven’t protected your assets from the crypto-currency king. For all they know, they retain the right to make certain decisions for you - and the law agrees with them.
A revocation is needed to validly remove an attorney’s rights and responsibilities from an existing Power of Attorney.
You can do this by revoking the entire Power of Attorney (and then drawing up a new one), or by revoking the appointment of a specific attorney or attorneys. Rules vary by State as to how this should be executed, and frankly it can be confusing.
We have online order forms that can help you get that revocation under way. Quick, clean, simple and intuitive, these documents are the first, necessary step towards creating a new Enduring Power of Attorney.
Simply call the SUPERCentral Help Desk on 02 8296 6266 or email firstname.lastname@example.org for more information.