Durable Power of Attorney in Rhode Island is usually used for long term planning purposes because it is something that continues (if not revoked) beyond the incapacity of the person creating the document. That is why it is termed “durable”. This form allows you to appoint a representative, or agent, also known as an attorney-in-fact to manage your finances which can include acquiring and disposing of property and access to bank accounts to pay bills or purchase items for your benefit. With this access to your financial life, it is vitally important that the person you choose to have this power is someone you trust and who has your best interests at heart. Many of those who are married, for instance, will choose their spouse for this role.
How to Write
Step 1 – Read the form carefully and if you are satisfied that you understand the terms, download it.
Step 2 – Consider who you think will be an ideal candidate for the role of your agent. Some factors you may want to consider are integrity, reliability, availability and financial literacy.
Step 3 – You will need to have witnesses and a notary sign the document as well as your agent. You will want to have these signatories in place before you sign so they can witness your signature and acknowledge your identity.
Step 4 – Begin filling out the form carefully. When you get to the section on powers, read each one carefully and initially those you wish your agent to have and cross off the ones that you do not want your agent to have.
Step 5 – Once you have filled out, gather your signatories. Your notary is going to want to have some form of identification so they can certify your identity. Sign the document in front of them and then have them sign.
Step 6 – If you have checked the box that makes the POA effective immediately, provide a copy of the signed document to your agent. If not, you will want to have a couple of copies made and kept with the original until they are needed. Make sure your family members know where you have stored your important papers.