Rhode Island Probate Laws, Important Timelines and Resources
Being told that you have to go through probate after you’ve suffered the loss of a loved one can be devastating.
Now you have legal responsibilities to handle while grieving your loved one, planning a funeral, and burying them.
The probate process is not required in Rhode Island if the decedent has set up a trust (or family trust) which in most cases helps their estate to avoid probate. However, if those trusts or plans were not made, the only way estate assets can be distributed in Rhode Island is through the probate. There are extreme cases where an estate will still need to pass through probate even if the decedent had a trust in place.
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How long does probate take in Rhode Island?
Probate takes anywhere from 9 months to 36 months for an estate to fully pass through the entire process in Rhode Island. There are different variables that can increase the time of probate including the following:
- Size of the estate which dictates how long an inventory of assets will take
- The amount of beneficiaries in the estate
- How fast the executor of the estate can push the process along
- If the will is contested
- Probate Court Timelines
Probate courts have been forced to go remote as a result of the pandemic, which has increased the workload and docket time of probate judges in Rhode Island and slows down the time it takes for a probate case to pass through conclusion.
Here are some helpful resources to utilize when you enter into the probate process in Rhode Island due to a loved one’s death and it can help you answer more questions about probate:
Most estates in Rhode Island must pass through the probate process, there are a few exceptions. For those who meet certain criteria, simplified proceedings known as small estate proceedings may be available.
No, all estates do not have to go through probate in Rhode Island. Joint tenancy often works well when couples (married or not) acquire real estate, vehicles, bank accounts or other valuable property together in Rhode Island each co-owner must own an equal share. If joint tenancy of assets are in place, then they do not have to pass through the probate process in Rhode Island.
The largest cost in probate is always the Attorneys’ fees. In Do all estates have to go through probate in Rhode Island, like most states, Attorney’s fees are based on the number of hours billed and the lawyer’s hourly rate. The cost for simple estates can range from $2,000 to $5,000 while more complicated cases may reach up to ten times that amount.
- Revocable living trusts.
- Make sure any real property is owned with tenants by entirety or has a beneficiary. This is referred to as joint tenancy ownership, otherwise known as “tenants by entirety”
- “Payable on death” designations.
- Life insurance.
- Retirement accounts that have a designated beneficiary.
- Having an estate of less than an amount which is designated by the state to be considered a “small estate.”
- Create a revocable living trust
Estate And Inheritance Tax Laws
Rhode Island has an estate tax but not an inheritance tax. There are 38 states in the country that do not have an estate tax in place but Rhode Island is not one of those states. It’s important to understand when you need to pay the Rhode Island estate tax or you could end up having a judgement against the inherited money. The estate tax is usually paid by the executor of the estate.
Get An Inheritance Cash Advance Now
An inheritance cash advance is your best option when you need an influx of cash following the death of a loved one. The cash can be used for anything you deem necessary.
The advantages of an inheritance cash advance in Rhode Island include:
Probate Loan vs Probate Advance In Rhode Island
If you are stuck in the process of probate in Rhode Island you might have thought about borrowing against your estate or getting a mortgage on a property in probate. This is commonly referred to as an estate loan, traditional bank loan or probate loan. It’s important to understand the difference between probate loans in Rhode Island and an advance on your inheritance money. Inheritance advances are a much simpler process when compared to a probate loan because you don’t have the traditional requirements of a bank loan with credit checks and repayment terms on assets.
When you apply for a probate loan, you need to go through the traditional loan application process. It can be time consuming and difficult because of credit requirements and a lengthy application to be completed either online or with a representative at the bank. Thus, like probate, there can be no end in sight for many heirs.
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Probate Code And Rhode Island Law Resources:
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