Through a Rhode Island financial power of attorney, you name an individual, known as the attorney in fact, to manage your monetary and business affairs. With a “Durable” financial power of attorney as you may create with this document, it becomes active immediately. Alternatively, via a “Springing” durable financial power of attorney, the representative only begins his or her task if and when you do become incapacitated.
Your Financial Power of Attorney ends 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. Besides for trusting your Attorney-In-Fact implicitly, you must also have confidence in his or her ability to handle the following;
The document must be signed with at least two (2) witnesses. A notary public’s acknowledgment will suffice as well under State law.