What’s Involved in Serving as an Executor?
An executor is the person designated in a Will as the individual who is responsible for performing a number of tasks necessary to wind down the decedent’s affairs. Generally, the executor’s responsibilities involve taking charge of the deceased person’s assets, notifying beneficiaries and creditors, paying the estate’s debts and distributing the property to the...
What’s Involved in Serving as an Executor? Continue reading…Not All Estates Must Go Through Probate
Upon the passing of a loved one, there is a good chance that their estate will go through the probate process. Probate involves many things, but generally refers to the process of distributing assets of the deceased to the heirs. While often necessary, probate can be time consuming and complicated. Fortunately, Rhode Island...
Not All Estates Must Go Through Probate Continue reading…Choosing an Executor
The primary responsibilities of an executor are to manage the property of an estate, pay outstanding debts and taxes of the estate, and distribute the remaining estate assets to the beneficiaries. This is a simplified explanation of the role of an executor. In reality, it can be extremely detailed and complex while extremely...
Choosing an Executor Continue reading…Contesting the Validity of a Will
If someone brings an action to contest a will, he or she is claiming that, for one reason or another, the will is invalid and should not be used in the administration of the estate of a deceased person. You can probably imagine that this will frequently happen if someone such as a...
Contesting the Validity of a Will Continue reading…Rhode Island Simplified Probate for Small Estates
Rhode Island estate law provides a shortcut in the probate process for smaller estates. It is a simplified probate process that allows for an easier transfer of property to the heirs of a person who has died. If an estate qualifies as a “small estate,” a form can be filed and the...
Rhode Island Simplified Probate for Small Estates Continue reading…The Probate Process
While you may have vaguely heard of the term “probate”, you may very well have no idea what it actually refers to. Yes, it does involve distributing the property of a deceased individual to the heirs, but there is actually a lot more going on. In fact, probate can be incredibly complex...
The Probate Process Continue reading…What Your Loved Ones Absolutely Need to Know About Your Estate Plan
The conversation about a person’s last wishes can be an awkward one for both the individual who is the topic of conversation and his or her loved ones. The end of someone’s life is not a topic anyone looks forward to discussing. It is, however, an important conversation that must be had so that...
What Your Loved Ones Absolutely Need to Know About Your Estate Plan Continue reading…Should I Transfer My Home to My Children?
Most people are aware that probate should be avoided if at all possible. It is an expensive, time-consuming process that exposes your family’s private matters to public scrutiny via the judicial system. It sounds simple enough to just gift your property to your children while you are still alive, so it is not subject...
Should I Transfer My Home to My Children? Continue reading…Role of the Successor Trustee
When creating a trust, it is common practice that the person doing the estate planning will name themselves as trustee and will appoint a successor trustee to handle matters once they pass on. If you have been named successor trustee for a person that has died, it is important that you hire a wills,...
Role of the Successor Trustee Continue reading…What happens if you are bequeathed a car that no longer exists? The ABCs of Ademption
If you’re involved in settling a loved one’s estate, you may come across the curious word “ademption”. Ademption describes what happens when something designated in a will no longer exists. Say, for example, your uncle dies and leaves for you in his will an old-school Harley Davidson motorcycle. However, if your uncle crashed the...
What happens if you are bequeathed a car that no longer exists? The ABCs of Ademption Continue reading…Glossary of Estate Planning Terms
Will - a written document specifying a person’s wishes concerning his or her property distribution upon his or her death.
In order to be enforced by a court of law, a will must be signed in accordance with the applicable wills act.
Testator/Testatrix - the person who signs the will.
Heirs - beneficiaries of an estate.
Executor/Executrix -...
Glossary of Estate Planning Terms Continue reading…How to Leave Gifts to Step-Children
Today, blended families have become increasingly common, and many individuals have step-children, that is, children of a spouse or partner. In situations where step-children have not been legally adopted, however, they do not have a legal right to an inheritance from a step-parent. For those who wish to leave step-children part of their estate ,...
How to Leave Gifts to Step-Children Continue reading…