Durable Power of Attorney in RI

Will your Durable Power of Attorney Work for You?

We often hear that “avoiding probate” is a good thing and in most cases the statement is true. The probate that is “avoided” is usually post-death probate. Many people use revocable and irrevocable trusts or joint-asset and “transfer on death” planning in such situations. But it is surprising how many people fail to have a Durable Power of Attorney prepared. It is even more surprising to see how many of the documents that are drafted cause confusion or simply don’t work in the manner intended by the “grantor” of the power. Here is a list of “do-s” and “don’ts”:

1. Do make your Power of Attorney “durable” so it will survive your incapacity.
2. Do nominate a sensible person as your “attorney-in-fact” and as a successor.
3. Do consider whether the power should be contingent on future events (“springing”) or immediate.
4. Do discuss protecting your assets after your incapacity from an attorney-in-fact who will not fulfill your ultimate estate goals.
5. Do read the power carefully before you sign it. If it does not make sense to you it probably won’t make sense to banks, financial institutions and others when it is used in the future.

1. Don’t nominate a person who has serious health issues or is older than you.
2. Don’t hold the document for more than five years without re-reading it and having an attorney review it. Things change!
3. Don’t confuse everyone by leaving joint attorneys-in-fact with unclear statements as to their respective powers or their separate powers.
4. Don’t place powers regarding medical decisions in your document if you have already designated another person to exercise those same powers in your “medical durable power of attorney”.
5. Don’t put the signing of this document off to the future. Dollar for dollar, it is the least costly way to “avoid probate” since it can avoid the necessity of a guardianship during your lifetime.”

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.