Table of Contents

1. How do I resign as an attorney in fact?
2. What are the disadvantages of power of attorney?

How do I resign as an attorney in fact?

If you’ve been appointed as an attorney-in-fact, you can resign your role at any time. To do so, you must draft and sign a resignation letter that specifically states that you are officially resigning as attorney-in-fact. This letter should be addressed to the principal and should be signed and notarized.

Once you’ve signed the letter, you should make sure a copy of it is given to the principal and any other person or entity with whom you’ve acted on the principal’s behalf. You should also keep a copy of the letter for your own records.

What are the disadvantages of power of attorney?

Having power of attorney comes with a few drawbacks. For example, if you’re appointed as an attorney-in-fact, you will be held to a fiduciary responsibility to the principal. That means you’ll be required to act in the principal’s best interest and always put their interests ahead of your own.

You’ll also be responsible for properly managing the principal’s finances and making sure they are kept in order. This can be a significant responsibility, especially if the principal has a complex financial situation.

In addition, you may be held liable for any mistakes you make as an attorney-in-fact. If you make a mistake, the principal or their heirs could potentially bring a legal action against you.

Finally, if you’re appointed as an attorney-in-fact, you may find yourself in a difficult position if the principal’s wishes change or if you and the principal disagree on how the power of attorney should be exercised. In such cases, you may be forced to make decisions that are not in the principal’s best interest.