Estate Planning Attorney, RI, Wills and Trusts, Complex Wills and Trusts Lawyers, Rhode Island

Wills and Trusts in Rhode Island

A testator’s Last Will and Testament, or the Will, is in place to direct to whom assets will be distributed upon the testator’s death and in what form. In the event a person dies without a Will, the assets are not taken by the state, but instead are distributed pursuant to statutory rules of descent. In our office, we have dealt with many situations where estranged family members receive portions of an estate due solely to the fact that their relative did not have a Will.

Contact the Rhode Island Wills and Trusts Attorneys at The Law Offices of Jeremy Howe:
401-841-5700 or via EMail HERE. ***WE MAKE ELDER LAW HOUSE CALLS IN RI***

The Will also names the person who will be responsible for administering the estate. This person is called the executor, and he or she must be officially appointed by the probate court before he or she has the authority to act, even when he or she has been designated in the Will. The executor has the authority over bank accounts, personal property, debts of the estate, and is the person responsible to make sure distributions take place as indicated in the Will.

In the event the testator has minor children, the Will usually include language appointing a guardian for the children. This is done in the event the parents of the child or children died at the same time, or when one biological parent is not a part of the child or children’s life. It is important to mention that putting the choice in the Will is not a guarantee that the person will be appointed, but the Will can be used as evidence of the deceased parent’s wishes. The family court will retain jurisdiction over the child or children and make the final decision.

A trust is a more detailed instrument that may be suggested for some clients. Like a Will, the trust language details how a person’s estate will be distributed upon his or her death. The difference between the Will and a trust is that the Will does not take effect until a person dies and a probate estate is opened with the probate court. A trust is most commonly used when a client owns real estate in more than one state, when tax saving provisions can be implemented, when special provisions need to be made for a special needs or spendthrift child, and when a husband and wife have a child or children from a previous relationship.

Putting assets into trust will remove those assets from a person’s probate estate upon his or her death. Therefore, a trust can also be used to avoid probate. Our office can assist our clients in making sure their assets have been correctly placed into the trust, and can provide advice regarding which types of assets belong in the trust. Trusts can also be used with life insurance policies and for charitable giving.

Trusts are not necessary in every situation, and an attorney should be consulted in order to determine whether a trust can be an effective tool in a person or family’s estate plan.

At the Law Offices of Jeremy W. Howe, LTD, we handle estate planning and administration everyday. If you or your loved ones are in need of experienced counseling for these delecate matters contact the Estate Planning Lawyers at The Law Offices of Jeremy Howe at
401-841-5700 or via EMail HERE.

***WE MAKE ELDER LAW HOUSE CALLS IN RI***

WHAT DOES A WILL COST?

We often are asked for a price quotation for a will. While we don’t want to bore you with a long diatribe, some explanation is necessary. The short answer is that the price for a “simple” will for a single person is $500. The price for a couple is $900. The flat fee quotation covers the following:

A thorough review of your assets, your liabilities, your income, your expenses, your heirs, your beneficiaries and your goals. We ask for your data to be organized before the meeting. Even with that, the meeting normally takes an hour.
At that meeting, we make suggestions and assist you in deciding what it is you wish to do now and what you might want to consider for the future.
A simple will (package) includes: The will, a Durable Power of Attorney, A Medical Durable Power of Attorney, and a living will “Declaration.”
If you wish to completely organize your “estate” and plan for the future, we offer The Beneficiary Book which is a complete checklist of things to consider in relation to your estate including your final arrangements and all other such planning. Our cost is $30 and you take it at cost if you wish. It comes in a hard copy format or a computer disc format.
We retain your original documents in our office safe for as long as you wish at no charge.
We provide you with a neat and indexed three-ring binder of your estate documents together with extra copies of the power of attorney documents.
We retain your hard-file and computer files for your life-time or until you decide to retrieve your documents.
We schedule (“Tickler file”) you for a meeting in five years which is a no-cost review to determine if your documents still meet your needs.
Another option aside from assuming that a simple will (and related documents) is what you need is to begin by booking a complete “review and tune-up” of your estate. Depending upon your age and your health we will consider Medicaid planning, Veteran’s benefits planning, tax avoidance, avoidance of probate, etc. After that meeting we will then give you a flat fee quotation or a quotation of a “range of fees” to complete whatever documents you require. This meeting normally takes at least an hour. We will travel to you anywhere in Rhode Island for this meeting. Our flat fee for this meeting is $250.

The point is that we are not interested in drafting cookie-cutter wills and sending you on your way. We wish to create an ongoing relationship so that you can adjust your estate planning documents to your changing conditions over time. We know you can find an attorney to draft wills at cheaper prices (and many that charge much more!) but as it is ,our will practice is conducted at rates that are “more than fair” given what we deliver because we want to be your attorney for as long as you reside in Rhode Island.

Disclaimer

CASE RESULTS : EACH CASE IS FACT SPECIFIC AND WHAT MAY HAVE HAPPENED IN THESE CASES MAY NOT “FIT” YOUR PARTICULAR SITUATION OR BE IN YOUR BEST INTEREST.

If you are seeking advice or information after reviewing our website, please understand that the use of the Internet for communications with this office will not establish an attorney-client relationship. An attorney-client relationship can only be established after a full interview in person and completion of an appropriate attorney-client relationship agreement. Messages containing confidential information should be sent with care since the Internet may not be a secure method of communicating. Time sensitive information should not be sent without other forms of communication such as a telephone call.

The information contained in this site is provided as a public service for informational purposes only and is not intended to be a comprehensive statement of the law or, in particular, to contain legal advice. Laws vary from state to state and are subject to change, which could affect the information available on this site. If you have questions regarding any information found on this site, you should consult an attorney who can investigate the particular circumstances of your situation. Persons receiving information found on this site should not act on this information without receiving professional legal counsel. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

The Rhode Island Supreme Court licenses all lawyers in the general practice of law. The Court does not license any lawyer as an expert or a specialist in any field of practice.

Wills and Trusts attorneys, RI, complex wills and trusts lawyer, rhode island

Wills and Trusts in Rhode Island

Contact