Power of Attorney in Rhode Island - What You Need to Know
There may come a day when you aren’t able to take care of certain aspects of your life on your own. If this is a concern for you, it’s never too early to start planning for Rhode Island Power Of Attorney.
Power of attorney gives one or more people the ability to act on your behalf in certain scenarios, such as during a medical procedure or if you become incapacitated. If you don’t grant someone power of attorney yourself, there are cases when the court may need to appoint one for you — and it may not be someone who has you and your family’s best interest at heart.
So, planning ahead could help you take control of your affairs. Below, learn more about Rhode Island power of attorney privileges from a Warwick Rhode Island estate planning lawyer.
What Is Power of Attorney?
A Rhode Island Power of Attorney form is a special document that enables someone you trust to act on your behalf in certain matters. The person who receives your power of attorney is called the “agent.”
There are two types of power of attorney most commonly used in estate planning in Rhode Island:
● Medical power of attorney: Also called “power of attorney for health care,” this gives someone the ability to make decisions about your medical care.
● Financial power of attorney: This allows someone to handle your financial matters, like paying bills, filing taxes, or even selling assets.
You can create a power of attorney for specific situations or create a long-term document that will allow your agent to make decisions for you if you ever become incapacitated.
Explanation on how and where to get Rhode Island Power of Attorney Forms
Who Can Get Power of Attorney in RI?
Most people choose a close family member, such as a spouse or a child, as their power of attorney. But in Rhode Island, nearly any competent adult can fill the role.
Rhode Island also allows you to give multiple people power of attorney privileges, allowing them to act as co-agents. You can also appoint a successor for your power of attorney should the person you choose be unable to fulfill their role.
When Does A Power of Attorney Take Effect?
In Rhode Island, power of attorney can either go into effect immediately or on a certain date or triggering event, depending on the type of document you choose.
● Durable power of attorney: This type of power of attorney goes into effect immediately after being signed. If you ever become incapacitated, this document will remain “durable” and allow your agent to continue to make decisions on your behalf.
● Non-durable power of attorney: On the other hand, a non-durable power of attorney takes effect immediately but ends if you become incapacitated. This type of power of attorney is usually used for one-time events or temporary scenarios.
● Springing power of attorney: A power of attorney that “springs” into effect at a specific moment, such as if a doctor declares you to be incapacitated.
Which type of Power of Attorney Is Right for Me?
The type of power of attorney you choose can depend on why you want one in the first place.
For example, say you’re planning on having surgery with a lengthy recovery period. You could grant your child a temporary, non-durable power of attorney that allows them to pay your bills while you’re still recovering.
Alternatively, say you’re worried that you may someday become mentally incapacitated and want to ensure that your finances are in capable hands. Many people choose to appoint a springing power of attorney, allowing them to plan for the future without giving another person immediate control of their affairs.
If you’re unsure about the power of attorney that’s best suited for your situation, consult a Rhode Island estate planning lawyer for guidance.
How Do You Appoint A Power of Attorney in Rhode Island?
To appoint a power of attorney in Rhode Island, you’ll first need to be of sound mind and understand the potential consequences of making the decision. If a court finds that someone wasn’t of sound mind when they created their power of attorney, it can later be invalidated.
To create the power of attorney, you can fill out the RI power of attorney form which is the statutory form provided by the Rhode Island state government. You can also have a Rhode Island lawyer draft a power of attorney for you, potentially alongside other estate planning documents like a will or a living trust.
Once your power of attorney document is filled out, you’ll need to sign it in the presence of a notary for it to take effect.
Is power of attorney the same as guardianship?
No. But a durable power of attorney can become an alternative guardianship if it’s granted before you become mentally incapacitated.
Remember that you need to be of sound mind to appoint a power of attorney. If you one day become incapacitated and need a guardian or conservator, a court may need to appoint a power of attorney for you. So, if that’s a concern for you, planning ahead with a durable or springing power of attorney could help you maintain control over who will look after you.
Can a power of attorney change a beneficiary?
Only if this ability is stipulated in the power of attorney document.
When creating your document, you’ll have the option to pick and choose the privileges you’d like to grant your agent. For example, you may decide that you’d like to grant your agent medical power of attorney but have no control over your finances.
When does power of attorney end?
Power of attorney can either be temporary or permanent, depending on whether you choose a durable or non-durable power of attorney. Regardless, any power of attorney will end immediately if the person granting power of attorney dies. It can also end inthe following scenarios.
● You revoke the power of attorney. If you’re of sound mind, you can revoke a power of attorney at any time.
● Your agent isn’t available. The power of attorney can end if your appointed agent can’t fulfill their role.
● The court rejects it. A court can revoke power of attorney if they believe that you were a victim of fraud or elder abuse.
Power of attorney in Rhode Island: Takeaway
Rhode Island recognizes many different types of power of attorney, allowing you to plan for the future and allow someone you trust to look after your best interest.
If you need help setting up a power of attorney in Rhode Island, call the best lawyer in Warwick RI, Brian Nappa. He can help advise you on the best option for your situation, draft a power of attorney document, and even assist with other elements of estate planning. Contact his office today to learn more.