Durable Financial Power of Attorney Rhode Island Form – PDF – RTF – DOC
The Rhode Island durable financial power of attorney form allows you to name an individual, known as the attorney in fact, to manage your monetary 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 you do become incapacitated.
“Durable” Definition – No statutory definition for a durable financial power of attorney. However, Rhode Island law provides a definition for a durable power of attorney for health care (§ 23-4.10-1.1(5)).
Signing Requirements – Notary Public or Two (2) Qualified Witnesses (§ 23-4.10-2(9)).
Your Financial Power of Attorney expires upon your death, or if you choose to revoke it while you are still mentally capable to do so by authorizing a revocation document. In Rhode Island, if you choose your spouse as your attorney in fact, the agreement doesn’t end automatically in the event of divorce. Along with trusting your attorney in fact implicitly, you must also have confidence in his or her ability to handle the following:
- Real estate transactions;
- Chattel and goods transactions;
- Bond, share and commodity transactions;
- Banking transactions;
- Business operating transactions;
- Insurance transactions;
- Claims and litigations;
- Benefits from military service;
- Records, reports and statements.