It’s crucial that estate planning documents such as powers of attorney in Dubai UAE are reviewed and updated regularly. However, if there’s one thing that you should reexamine more frequently compared to others, that would be a financial POA.
Revisiting a financial POA will help ensure an individual that you’ve assigned authority to, referred to as the agent, is still who you want in acting as your representative to authorities. If you’re no longer in agreement with the agent you assigned in a POA, it’s crucial that you revoke or cancel the POA correctly under UAE regulations while you’re still in complete capacity in doing so.
Similarly, if you’ve been tasked as the agent in a POA and you want to resign as being a representative, it’s essential that you take proper steps in making your resignation effective. If you fail in doing so, you can be making a costly mistake for the principal, the person who assigns authority using a POA.
Tips for Principals in Revoking a POA
If you’ve made another person as your agent using a POA in UAE and you’ve changed your mind regarding the subject, we advise you seek the help of seasoned lawyers and legal consultants. A legal team will help you in revoking a POA legally under the law. Also, take the following into consideration:
- In the document to revoke a power of attorney in UAE, state your name and asset that you’re of sound mind. Specify that you are writing the document for the sole purpose of revoking or canceling a power of attorney you previously created.
- Make sure that the cancellation identifies the specific power of attorney that you wish to revoke. You can do so by stating your complete name, the date on which the POA was signed, as well as the complete name of your agent or authorized representative.
- Date and sign the cancellation document for a power of attorney in the midst of a public notary in UAE. Ask also for your signature and of the agents to be notarized.
- Ensure that you send the POA cancellation document to the agent, as well as all organizations, agencies, and institutions which possess copies of your power of attorney which you want to be revoked. Also, ask for a return receipt.
- When you revoke a document, you may also want to appoint a new agent using a new POA. It’s an important step in your estate planning as you may still want your affairs to be sorted out on your behalf.
- Keep copies of the document to cancel a power of attorney in your records, including the return receipts from relevant parties.
- Send a new power of attorney that designates a new agent onto relevant agencies, institutions, and individuals. Don’t forget to ask for a return receipt.
Take note: if you fail in notifying a person, agency, or institution to which your agent provided previously with the POA which you want to revoke, the person or institution will have legal protection from any losses which may be incurred as they are made unaware of the document’s cancellation. They won’t be held liable despite the revocation as there were no records of receiving the POA cancellation document.
If a power of attorney has been recorded by a public notary in Dubai, you must also send the cancellation document to the same notary public in order for it to be recorded.
Tips for Agents in Revoking a Power of Attorney
If you’ve been named as the agent of another person using a POA in UAE and you wish to resign from the role, you can ask the assistance of a legal team in carrying out a valid letter of resignation under UAE regulations.
Here are other tips to keep in mind when resigning from your agent role and revoking a power of attorney in UAE:
- Check if the POA document has mentioned steps that you should step in order to resign from your role of being an agent. In the event that there is a set of steps you should accomplish for your agency to be terminated, you must carry out the steps laid out.
- For a power of attorney which doesn’t include instructions on how to resign from being an agent, it’s possible that you can just provide notice of resignation and send it to the person who’s named you as his or her agent.
- Create the letter of revocation specifying your complete name, the complete name of the person who made you as his or her agent using a power of attorney, the date in which the POA was signed, the intention in resigning, as well as the date wherein the resignation will take into effect.
- Date and sign the resignation letter before a public notary in UAE. Don’t forget to have your signature notarized.
- Deliver the written resignation letter to the principal. Don’t forget to ask for a return receipt.
- Give out copies of your resignation to organizations, institutions, and agencies that possess copies of a POA that you used previously. Make sure you have return receipts.
- Keep copies of the notice of resignation in storage together with return receipts from relevant parties.
Read also: How To Notarize A Power Of Attorney in UAE?