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I have signed POA in the name of my some relative regarding taking care renting ,operating credit Card and other financial transactions. If in future I wish to change POA or cancel what should I do?

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As a practical matter, be sure to retrieve any outstanding copies of the now-revoked power of attorney, to prevent its use after you revoke it!
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as long as you are competent, contact a lawyer and tell then you wish to change the poa or cancel it all together
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I have done it myself and then had my signature witnessed by two people. Only a will has to be notorized. Don't bother to pay for an attorney.
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Competency is the only issue. While you are able you have full control, of when and whom you appoint as the your agent of representation. Please be sure to review both your need for a financial and healthcare POA.
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In NC POAs must be notarized. It is encouraged to have Durable POAs sealed by the register of deeds in the county it was written in.

You change a current POA by having a new one written up and include a statement that all previous POAs are null and void. Then, I believe you send a letter to your former agent and inform them that they are no longer your POA.
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It depends on the state in which you are located, but a handwritten declaration saying your intentions and canceling all other previous signed documents should be sufficient. Just make sure you have it notarized (a bank with a notary can do this for you) and witnessed with your personal identification. Be sure the one with whom you entrust your money, belongings and medical status is a person with whom you have complete trust. It doesn't have to be a relative, but someone you trust with your life. Best wishes whatever you decide!
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I would discuss this with an Elder care attorney or your local legal services for seniors especially if there are any memory issues.
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