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Faizan
Executors, also known as personal representatives, are appointed by a probate court to manage the assets of a deceased person, or decedent. Usually, the executor is named in a will by the decedent. In Rhode Island, an executor must serve for at least six months, because state law allows that long for creditors to file any claims against the estate. But it's not uncommon for settlement to take longer, especially in the case of large or complicated estates.
Filing the Will
In many states, a decedent's will is filed at the probate court in the person's county of residence. In little Rhode Island, most towns have their own probate courts, with the judge appointed by the municipal governing body. The will is filed in the town in which the decedent resided within 30 days of the death. The probate court judge formally appoints the executor named in the will and issues letters testamentary. These documents allow the executor to manage the estate.
Appointing Other Executors
When writing your will, it's important to ask a potential executor if he would agree to serve in that capacity. Under Rhode Island law, if a person named as the executor dies, becomes incompetent or declines to serve, the court can appoint another executor. If the decedent named an alternative executor in the will, the court might name that individual, if he is qualified. If no alternative executor was named in the will, the court grants estate administration to a suitable person petitioning for the position.
Small Estates
If the total amount of the decedent's personal property doesn't exceed $15,000, it's considered a small estate under Rhode Island law. That makes the executor's job somewhat easier. She can file a small estate form with the probate court, with the decedent's personal information and a list of all of the assets titled in that person's name at the time of death, along with their values. The form also lists the heirs to the decedent's property. Because no formal letters testamentary are issued, the personal representative is known as a "voluntary executor" by the probate court.
Intestate Estates
If a person dies intestate, i.e., without leaving a will, the probate court appoints an administrator. Under state law, a surviving spouse is usually appointed administrator, if she is willing to serve. If the decedent wasn't married, or the spouse declines to serve, one or more of the decedent's next of kin are usually appointed if those individuals are competent. If a surviving spouse or next of kin doesn't apply to the court within 30 days of the decedent's death for authority to administer the estate, or if an applicant isn't competent, the probate court can appoint any suitable person who petitions the court for the role.
Filing the Will
In many states, a decedent's will is filed at the probate court in the person's county of residence. In little Rhode Island, most towns have their own probate courts, with the judge appointed by the municipal governing body. The will is filed in the town in which the decedent resided within 30 days of the death. The probate court judge formally appoints the executor named in the will and issues letters testamentary. These documents allow the executor to manage the estate.
Appointing Other Executors
When writing your will, it's important to ask a potential executor if he would agree to serve in that capacity. Under Rhode Island law, if a person named as the executor dies, becomes incompetent or declines to serve, the court can appoint another executor. If the decedent named an alternative executor in the will, the court might name that individual, if he is qualified. If no alternative executor was named in the will, the court grants estate administration to a suitable person petitioning for the position.
Small Estates
If the total amount of the decedent's personal property doesn't exceed $15,000, it's considered a small estate under Rhode Island law. That makes the executor's job somewhat easier. She can file a small estate form with the probate court, with the decedent's personal information and a list of all of the assets titled in that person's name at the time of death, along with their values. The form also lists the heirs to the decedent's property. Because no formal letters testamentary are issued, the personal representative is known as a "voluntary executor" by the probate court.
Intestate Estates
If a person dies intestate, i.e., without leaving a will, the probate court appoints an administrator. Under state law, a surviving spouse is usually appointed administrator, if she is willing to serve. If the decedent wasn't married, or the spouse declines to serve, one or more of the decedent's next of kin are usually appointed if those individuals are competent. If a surviving spouse or next of kin doesn't apply to the court within 30 days of the decedent's death for authority to administer the estate, or if an applicant isn't competent, the probate court can appoint any suitable person who petitions the court for the role.
Posted in: Estate Laws
