A Rhode Island durable financial power of attorney form allows a principal to name an individual, known as the attorney-in-fact, to manage their money and business affairs. With a “durable” financial power of attorney, the authority of the attorney-in-fact become effective immediately. Alternatively, with a “springing” durable financial power of attorney, the representative only begins his or her task if and when the principal becomes incapacitated.
The financial power of attorney expires upon the principal’s death, or if they choose to revoke it while they are still mentally capable to do so by authorizing a revocation document. In Rhode Island, if a spouse is chosen as the attorney-in-fact, the agreement doesn’t end automatically in the event of divorce. Along with trusting the attorney-in-fact implicitly, the principal must also have confidence in his or her ability to handle the following:
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