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To do so, state in writing that you revoke it. Two people must witness you signing this statement. Both people must be with you when you sign. The same people who are not allowed to be witnesses for a Power of Attorney are also not allowed to be witnesses for this statement.

Does a POA Have Legal Liability? Legal liability for a power of attorney agent is limited. The agent will only be held responsible in cases of intentional misconduct. An agent will not be legally responsible if he or she does something wrong without knowing it.

Yes. But if you name more than one person as your attorney, all your attorneys will have to agree before a decision can be made on your behalf, unless you state in the document that they can make decisions separately.

A Power of Attorney is a legal document that one person (the grantor) uses to give another person (the attorney) the ability to make decisions on their behalf. When disputes arise respecting a power of attorney, they can be resolved in court.

In general, the principal's money or property cannot be transferred to themselves by either type of power of attorney. Note that this restriction applies regardless of whether the principal is alive or dead at the time they sign their power of attorney document.

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

For example, the State of California simply requires that you write Revoke in big print at the top of your original power of attorney form, sign and date at the bottom and send it to the state agency. Ideally, your agent assumes the obligation of acting in your best interest and following your instructions.

An attorney can even set up the POA so a designated adult child can fire the bank in case of incompetence or other problems, says Ross. If you really don't want to be power of attorney, you need to be honest with your loved one or friend. In the end, everyone will be better off.

An alternate agent is someone who can step in if the primary agent named is unable or unwilling to fulfill their POA duties. There is usually an option to name an alternate agent in a power of attorney form, which you can fill out online or under the guidance of an attorney.

Most states offer simple forms to help you create a power of attorney for finances. Generally, the document must be signed, witnessed and notarized by an adult. If your agent will have to deal with real estate assets, some states require you to put the document on file in the local land records office.