Rhode Island Inheritance Loans and Probate Advance Law
Dec 27 2018The purpose of probate laws is to ensure the wishes of a deceased person are honored based on their last will and testament. It also makes sure that debts are paid, especially taxes. Every state makes their own laws on probate to determine the process, what signatures and documentation are needed and what property must go through probate.
What are Rhode Island Probate Laws?Probate in Rhode Island consists of a formal process which goes through the court as well as a simplified process. The simplified process is designed for small estates. An executor or administrator handles the estate and its disbursal. If you are the executor or administrator of an estate, you may wonder what must be done. You can talk to an experienced Rhode Island probate attorney who will direct you on the steps to take for probate as well as the timeline in which everything must be done. The attorney will protect the interests of the heirs. An attorney will also make sure everything is completed on time and follows the rules of the law. They stay up to date on current laws to eliminate many of the complications which are part of the probate process.
What is the Probate Process in Rhode Island?The probate process in Rhode Island follows much of the same rules as what you will find in other states. It is important to know the details to ensure you are in compliance with the rules in this state.
- An heir to the estate may file a petition to open probate. The judge will determine if a will is valid and appoint an executor as named in the will. If the will does not name someone to be executor, the court will choose a person. If there is no will, the court will name an administrator.
- The executor or administrator will notify all potential known creditors. They will publish a notice in the local newspaper. After the notice is published, creditors will have six months to submit a claim. The heirs may also contest the will.
- The executor will gather all assets and value them. They may need to have an appraisal done.
- All debts will need to be paid out of the estate and taxes filed.
- Any remaining assets will be distributed to the heirs based on the terms in the will.
- The case will be closed, and the executor’s duties will be completed.
What Property Will Go through Probate in Rhode Island?Not all property must go through probate in Rhode Island. Certain types of property can bypass the court and be transferred automatically to the beneficiary. Any property that has a named beneficiary will not need to go through probate. It may include bank accounts which have someone named as payable on death. Retirement accounts and life insurance benefits have beneficiaries who will receive the funds at the person’s death. Other property with joint owners will not need to go through probate because the second owner will take complete ownership. If an estate is placed in a living trust, it will not need to be probated. The beneficiary of the living trust will receive the estate. Small estates in Rhode Island may also be able to bypass formal probate. Instead, they may qualify for simplified probate if the assets are worth less than $15,000 and no real estate is involved. The executor will need to submit a request for a simplified process with the court.
How Can You Avoid Probate in Rhode Island?It is possible to avoid probate in Rhode Island if you plan ahead and take the right steps. Probate can be quite costly in time and money. It will take at least six months to complete probate, and it may take longer. It can be a year or longer before the estate can be distributed to the heirs, especially if there is a dispute. A living trust will prevent these problems, making it easier to transfer assets to the beneficiaries.
How Can You Access Rhode Island Inheritance Funds Right Away?Even though probate can take a long time, you may be able to gain access to the funds right away. It’s possible for some heirs to get their funds in just a few days through a probate cash advance. The process of getting such a cash advance is easy and straightforward, and all information is secure. You have no limitations on how you may spend the money. ProbateAdvance allows you to access the money you are entitled to in just a few days instead of waiting months or possibly even years. You will find no hidden charges and no interest. You do not need to make monthly payments, and you do not need to have an excellent credit history. Instead of waiting for years to get probate finished, you can have your funds now.
Do You Qualify for an Inheritance Cash Advance?It is not complicated to find out if you qualify for an inheritance cash advance. You may be able to receive your money in just two days if you are an heir to an estate which is in probate. You can use this money on a vacation or new vehicle, to pay off debts or make repairs on your home. The money is yours, and you are free to do with it what you want. You can have it in as little as 48 hours.
What Do You Need for a Probate Advance in Rhode Island?All you need to do to find out if you qualify for a probate advance is to provide information which proves you are an heir to the estate. You will need to decide how much of the inheritance you want to get now, and the money may be in your bank account in just two days.
What Areas of Rhode Island Qualify for an Inheritance Loan?We provide inheritance loans in all of Rhode Island, including the following cities:
- East Providence