AREAS OF FOCUS
P R O B A T E
D I V O R C E
PROBATE
What Is Probate Real Estate? Probate describes the legal process for reviewing the will and assets of a deceased person, often called a decedent, and determining how those assets will be distributed. Probate courts have jurisdiction over those assets, as it is their role to protect those assets.
DIVORCE
Divorces are rarely easy, and very few end with zero disputes over major assets. For most relationships, the biggest shared assets are related to real estate. Whether the marital home or investment property, those going through divorce often want to know, “what happens to real estate in a divorce?
BANKRUPTCY
If you own property that you don't use as a residence, you might lose it if you file for Chapter 7 bankruptcy.
DOWNSIZING
Downsizing is when you buy a smaller home than the one you currently have. This is often a decision made by those who now have an empty nest, are struggling to deal with the upkeep of their home or are finding the related costs hard to deal with.
PROBATE REAL ESTATE SERVICES
How long does the probate process take in Rhode Island?
The petition must be accompanied by the death certificate so the process cannot be initiated until the death certificate is issued. That can take a week or two after the date of death.
· The petition must be advertised in the newspaper for 3 weeks before the hearing.
· All probate courts in Rhode Island meet at least once a month.
· If all the heirs and beneficiaries under the Will sign a waiver indicating that the hearing does not need to be advertised, then the hearing can be held at the next available hearing date.
·Getting to the hearing can take as long as two months or as short as two weeks depending on the circumstances.
·At the hearing, the probate court judge will inquire about the size of the estate and confirm that the petition and will comply with all the legal formalities. If everything is in order the court will approve the appointment of the fiduciary (an Executor or Administrator, as appropriate). The court will require that the fiduciary file a bond.
· Upon receipt of the bond, the probate court will issue a Certificate of Appointment. It can take about a week or two to obtain the Certificate of Appointment.
·The fiduciary needs the Certificate of Appointment to prove to third parties such as financial institutions that the fiduciary has the legal authority to deal with the assets passing through the probate process.
The fiduciary must identify the assets that are held in the decedent’s name alone.
· The fiduciary must file aninventory with the probate court within 90 days after their appointment. This is a list of the assets valued as of the date of the decedent’s death.
·The probate court will post a notice in the newspaper after the fiduciary is appointed notifying all creditors of the appointment and the need to file a claim to settle their debt. The fiduciary must also mail notice to any known creditors.
The estate must remain open for a minimum of six (6) months from the date of the first advertisement to creditors.
The fiduciary will take control of all assets passing through the probate process, deal with debts, and account to the estate beneficiaries as to how the assets were handled while the fiduciary was in charge of them. This might involve the sale of real estate, liquidation of securities, and submission of claims for assets payable to the estate such as life insurance. When these activities have been completed, the fiduciary will account to the estate beneficiaries.
The accounting will show:
(i) the value of the assets as of the date of death;
(ii) assets acquired after death such as interest and dividends;
(iii) expenses incurred in administering the estate such as property taxes, utilities, legal and accounting fees, probate fees, realtor commission if real estate was sold; and
(iv) the net estate available for distribution to the estate beneficiaries.
- Executors, Administrators, Trustees and Conservators, we are here to help you navigate the often unfamiliar waters of managing the sale of real estate.
-Real property is often the most valuable asset of an estate.
-When we get appointed as a personal representative we become an officer of the Court.
-As officers of the court, we assume duties and liabilities in managing the estate.The duties involve a high standard of care when dealing with someone else's property.
-This means one must be cautious in how they manage the estate's assets, including the sale of real property. You want to exercise prudent care in who you hire.
-If your loved one owns real property in the State of Rhode Island We will work with you and the probate atttorney and manage the probate sales process every step of the way.
-If the decedent owns real property in another county or state, we will facilitate the process of liquidating the real property
by referring to a probate agent in the county or state.