When a loved one dies, it takes time to settle their debts and distribute their assets. Even if you are a legal heir to all or some of the estate, it may be months or years before you see your inheritance.
The good news is that you don’t have to wait for Rhode Island probate to clear your funds. If you need money now, you can apply for a probate cash advance from Rockpoint Probate Funding. Unlike risky traditional loans, repayment depends on the assets in the estate. You don’t pay us back if you don’t receive your inheritance. It’s that simple.
Before you can move forward with your inheritance, it’s important to understand how Rhode Island probate works.
What Is Probate?
Probate is the legal process of wrapping up a person’s affairs after they die. When there is a will, probate ensures that the decedent’s wishes are followed. When there is no will, probate ensures that the decedent’s property goes to their closest relatives according to state intestate succession laws.
The probate process typically involves validating the will (if there is one), appointing an estate administrator, identifying heirs, inventorying property, settling debts, and distributing the remaining assets to the rightful beneficiaries.
Does Rhode Island Always Require Probate?
Rhode Island requires probate for the majority of cases. Small estates of less than $15,000 in personal property may qualify for a probate shortcut. This procedure uses a petition for voluntary informal administration (sometimes called a “small estate affidavit”) to distribute property to heirs.
One key caveat: Not all assets must go through probate. That means that when calculating the value of a small estate, non-probate assets don’t need to be included. It also means that even when Rhode Island law requires an estate to go through probate, that process doesn’t apply to all assets.
Which Assets Don’t Require Probate in Rhode Island?
Probate is usually required for individually owned real estate, business interests, bank accounts, personal belongings, and investments belonging to the decedent alone. However, the following property passes directly to the beneficiary without probate:
- Joint property
- Assets in living trusts
- Life insurance policies and retirement accounts with a named beneficiary
- Assets with pay-on-death or transfer-on-death designations, which may include real estate, securities, vehicles, and bank accounts
What Is the Rhode Island Probate Process?
Simple Rhode Island estates may wrap up in six months, while complex or contested estates may not conclude for years. Most probate cases go through the following steps:
- Opening probate: The process begins by filing a petition with the local probate court.
- Appointing an executor: The court approves the executor named in the estate or appoints someone to act as an administrator for estates without a will.
- Assembling assets: The executor takes possession of the decedent’s property and then catalogs and appraises it.
- Informing heirs and creditors: The executor notifies legal heirs, next of kin, and creditors.
- Settling liabilities: The executor completes any pending lawsuits, pays creditors, and submits all taxes due. They may sell assets to pay these claims.
- Distributing assets: The executor distributes all remaining assets to the correct heirs.
- Final accounting: The executor documents financial transactions, asset distribution, and other activities for the court.
What Happens When Someone Dies Without a Will?
When a person dies without a will, state law dictates the distribution of property. Under Rhode Island intestate succession rules, the estate goes to the living next of kin in this order:
- Spouse
- Children
- Parents
- Siblings
- Nephews and nieces
- Grandparents
- Uncles and aunts
- Cousins
For example, if the decedent has children but no spouse, the children inherit the entire estate. If the decedent has no spouse or children, their parents receive everything. Rhode Island law also specifies how intestate succession applies to adopted children, foster children, stepchildren, and children born outside of marriage.
How Much Are Rhode Island Probate Fees?
Careful estate planning can lower probate costs by streamlining asset disposition and reducing disputes. The more complicated the estate, the more the probate process may cost.
Probate fees commonly include the following:
- Probate court fees, including filing fees and an inventory fee based on the size of the estate
- Advertising fees for notifying creditors
- Legal fees, if an attorney provided services
- Executor compensation, which may vary by the size of the estate and the amount of work involved
- Professional fees for appraisers, accountants, and other consultants
- Probate bonds, which Rhode Island courts may require to protect beneficiaries
- Extraordinary fees for complex or contested cases
The decedent’s estate pays these expenses, which lowers the total value left in the estate.
Can I Access My Rhode Island Inheritance Sooner?
After learning what Rhode Island probate involves, you may wonder whether you can skip the waiting process. While you can’t always speed up probate, you can receive funds sooner with Rockpoint Probate Funding.
We provide funding for heirs waiting for their inheritance to come through. If you need to pay taxes, rent, tuition, or auto loans, an immediate cash advance can be just what you need. If you want to spend it on something else, that’s fine, too. Our probate cash advances don’t come with spending restrictions.
Unlike traditional loans, we take the risk rather than you. If your inheritance doesn’t materialize, you’re not on the hook to pay us back.
Where Can I Receive an Inheritance Advance in Rhode Island?
Rockpoint Probate Funding serves all of Rhode Island, including probate cases in the following counties:
- Providence County
- Kent County
- Washington County
- Newport County
- Bristol County
Ready To Collect Your Inheritance Advance Now? Call Today!
If you can’t afford to wait months or years for your inheritance, contact Rockpoint Probate Funding today. We can process your application quickly and send your funds as soon as today. We won’t check your credit, verify your income, or share your private data with anyone else.
So, what are you waiting for? Call Rockpoint Probate Funding at (888) 263-8588 to learn more about our Rhode Island probate funding solutions and see whether they are right for you.
