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The revocation should include your name, a statement that you are of sound mind, and your wish to revoke the power of attorney. You should also specify the date the original power of attorney was executed and the person selected as your agent.

To take a minor child off of a custodial account, you can simply call your bank and request that they be removed from the account. It's also easy to remove a willing participant from a joint bank account.

DisadvantagesYour loved one's competence at the time of writing the power of attorney might be questioned later.Some financial institutions require that the document be written on special forms.Some institutions may refuse to recognize a document after six months to one year.More items...

You can revoke your power of attorney at any time. If your power of attorney is registered, you much complete this form, pay a fee and submit the form and fee to the Land Titles office. To revoke a power of attorney, you and a witness must sign this form and take reasonable steps to notify your attorney.

While laws vary between states, a POA can't typically add or remove signers from your bank account unless you include this responsibility in the POA document.

Changing the TermsThere is no accepted way to amend a power of attorney. If you want to change or amend a durable power of attorney, the safe course is to revoke the existing document and prepare a new one.Tom should revoke his old durable power of attorney and create a new one, granting the additional authority.

If the principal wants his agent to have the authority to handle every aspect of his affairs, a general power of attorney is used.A general power of attorney does, however, grant the agent the ability to close bank accounts, unless the principal specifically withholds that power.