In addition to the preparation and execution of a will and/or any associated trusts for the distribution and management of your financial estate after your death, estate planning provides an opportunity to address other concerns. If you are a parent of minor children,...
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Probate & Estate Planning
When is it time to update your estate plan?
Many people have executed a will, trust(s), health care designation documents, and/or powers of attorney, and put them in a “safe place” for when they’re needed. It is best to review these documents periodically for general assessment, and additionally upon the...
Why you may need to create your estate plan with an eye to 2026
Rhode Island is one of a minority of states that has an estate tax. That tax is in addition to the federal estate tax. For 2024, that tax kicks in only if an estate is valued at more $1,774,583, which is considerably lower than the current federal estate tax...
What does “dying intestate” mean?
When you die having executed a valid Last Will and Testament, that is called dying “testate.” When you die without having executed a valid will, you are considered to be “intestate.” Major differences are that in a will you can determine who will inherit your...
4 important facts about estate planning
Importance of Estate Planning If you do not prepare a will or other estate planning documents, your property will transfer to your heirs at law; your surviving joint tenant(s) with regard to jointly titled property; and named beneficiaries on accounts which are held...
3 factors to consider when choosing an executor
Choosing an Executor - Factors to Consider When you make a will, you will have to name someone to serve as Executor. That person will be required to submit your will to probate and to administer your estate as you have provided in your will. Often, a responsible and...
The Importance of a Will in Designating Beneficiaries
If you die without a will, that is called dying “intestate.” If you die with a will, it is called dying “testate.” If you have no will, the law of the state where you live will then determine who inherits from you. Although it is universal that your spouse and...
Basic Elements of an Estate Plan
Estate planning may include documentation of your wishes concerning the distribution of your estate after your death; provisions for your health care decisions during your lifetime in the event that you are unable to make decisions for yourself; and appointment of an...
What to do before drafting an estate plan?
Planning your estate is a lengthy process. But, by making an estate plan, you can help your heirs by detailing your last wishes. The following information will be helpful to your attorney in preparing your estate plan with you. What are your assets? You should compile...
Are you the only one without an estate plan?
The importance of having a will Why don’t you have a will? Many adults do not have a will. Some are planning to make one. Some don’t think this is important. Dying without a will does not affect you. It may affect your family and close friends in ways that you do...