Renunciation of a power of attorney is the act by which an attorney-in-fact voluntarily decides to give up the power of attorney or the authority granted to them by the grantor to represent them.
What is it for?
- To release the attorney-in-fact from the responsibilities and obligations conferred
- To end the legal relationship of representation
- To avoid possible future disputes or liabilities
- To formalise the renunciation for legal and administrative purposes
What does the notary do?
- Receives the express declaration of the attorney-in-fact who is renouncing
- Drafts the notarial record or document in which the renunciation is set out
- Verifies the identity and capacity of the attorney-in-fact
- Formally attests to and certifies the renunciation with signature and seal
Main features
- The renunciation must be voluntary and express
- It is formalised before a notary so that it is legally valid
- It takes effect from its execution or from the date specified
- It does not mean that the grantor has revoked the power of attorney
Important considerations
- The grantor must be notified of the renunciation for it to have practical effect
- It may be partial or total, depending on the powers being given up
- It does not release the attorney-in-fact from liabilities arising before the renunciation
- The renunciation protects the attorney-in-fact with regard to future actions
Legal value
The renunciation has full legal validity, as it is a formal declaration by the attorney-in-fact that provides security and certainty that their representation has ended.