 | Rhode Island Durable Financial Power of Attorney Form |
The Rhode Island Durable Financial Power of Attorney Form is a legal document that permits a Principal to transfer powers to an Agent. Such powers authorize the Agent to oversee the financials, personal and real property belonging to the Principal. This may be useful under some circumstances. For example, if the Principal plans an extended absence from his or her affairs or develops an illness, then such an Agent will serve an important function in maintaining the Principal’s affairs. The Principal should read the entire document and understand that, by execution of this document, the Agent will be able to spend the Principal’s money and even dispose of person and/or real property. Since, authorizing these powers may significantly impact the Principal, these forms will allow for information limiting or restricting specific powers of the Agent to be included.
This document will not allow any permission for the Agent to make health care decisions on behalf of the Principal. The Principal may choose to speak with an attorney to be certain that this would be the appropriate document for their needs.
This document must be signed before a licensed, state Notary Public.
How to Write
1 – Important Information for the Principal
- The Principal must carefully read the beginning of this document
2 – Delegation of Agent
If after reading the introduction to the document, the Principal is in agreement, the Principal must enter the following:
- The name and address of the Principal
- Enter the name(s) of the Agent(s)
3 – Powers to be Granted to Agent
The Principal Must Read the Next Three Paragraphs. Once ready, he or she must initial each power to be granted to the Agent. If any of the powers are not desirable, the Principal must strike through them. Initial or cross out the following powers:
- (A) real state transactions
- (B) chattel and goods transactions
- (C) bond, share and commodity transactions
- (D) banking transactions
- (E) business operating transactions
- (F) insurance transactions
- (G) claims and litigations
- (H) benefits from military service
- (I) records, reports and statements
- (J) all other matters
- The Principal may enter special provisions should they so desire
4 – Termination of the Document
Principals must select and initial their selected form of termination (if any):
- (A) Be of indefinite duration
- OR
- (B) Terminate on the date the Principal shall provide in this section, on the form unless otherwise terminated by revocation, destruction or other affirmative action. If “B” would be the selection, enter the date of termination in the line provided in mm/dd/yyyy format
5 – Notarization
- Once the document is completed, the Principal must provide date of signature, then sign the signature line. The Notary shall then provide all of the required information that shall acknowledge the Principal’s information
6 – Recording of Document
- If the Principal shall provide conveyance of real property by the Agent(s), this document must be recorded with the town clerk of the recorder of deeds
