Power of Attorney Revocation – Colorado
The revocation of a power of attorney is used to terminate the authority granted to the principal’s attorney-in-fact/agent. This means that the attorney-in-fact/agent no longer has the authorization to act on behalf of the principal. It is also in the best interest of the principal to send a copy of the signed revocation to his/her attorney-in-fact/agent with a letter telling him/her that he/she no longer has the authority to sign papers in the principal’s name. A copy of the revocation should also be sent to all banks doing business with the principal or anyone else who has relied on the power of attorney until they have actual notice that it is no longer in effect. The reason for this is that the attorney-in-fact/agent or other business entities can keep relying on the power of attorney until they receive the notice of the revocation.