Cancel a power of attorney – A power of attorney is a mandate or authority given by one person (the principal) to another (the agent) to act on his or her behalf, particularly in relation to the management of his or her assets or part thereof. A power of attorney may be verbal or written, but it is recommended that it be written down to prevent future problems.
A written power of attorney does not have to be notarized. However, there are important advantages to a notarised power of attorney. Notarised documents are authentic, and can be relied on in court, in terms of their content, the accuracy of the date and the signatures affixed. With the advice of a notary, you can be sure that the document respects your wishes and the requirements of the law. Also, a notarized Power of Attorney provides additional protection against loss or destruction of the document, with the original being kept securely at the notary’s office.
The written power of attorney should include at least the names of the principal and of the agent, “the mandate” and the conditions; the effective date and signatures of the parties and the duration of the mandate.
Expiry of a power of attorney
The mandate given may be of fixed or indefinite duration. Thus, during a convalescence or a trip, the principal can delegate the management of his property or part of it. However, the term can be much longer. A power of attorney is terminated by certain options:
- The arrival of the end date as set out in the mandate
- The opening of a protection regime and/or the homologation of the protection mandate
- The death of the mandator or proxy if no substitute is appointed
- The revocation of the power of attorney.
Whatever the reason, loss of confidence, dissatisfaction with the performance or simply change of mind, the principal can revoke or cancel a power of attorney at any time, even before the end of the term.
Cancel a power of attorney – Notarized revocation of a power of attorney
The revocation of a power of attorney is your declaration indicating that you wish to end the mandate and that the proxy no longer represents you to act in your place.
It is preferable to make a revocation in notarized form, even if the power of attorney was not. If it was notarized, it is important to notify the notary who received this act.
Notifying the concerned parties
You should then notify your agent by sending him or her a copy, preferably by registered mail.
To be on the safe side, you should also notify the financial institutions you deal with and the government authorities concerned, such as Revenu Québec and the Canada Revenue Agency.
You can also sign a new power of attorney revoking the old one. However, the same steps as for a revocation must be taken with the agent and the persons, organizations and companies concerned.
For more information, consult your notary!Contact us now!