How to Distinguish Estate Assets from Corporate Assets in Rhode Island

Detailed Answer

When someone dies, their personal property and real estate that they owned in their individual name become part of their estate. A corporation established by a relative, by contrast, owns its own assets under Rhode Island law. Identifying which assets belong to the decedent’s estate and which belong to the corporation helps ensure proper administration and protects both estate beneficiaries and the corporation.

1. Review Titles and Deeds

Real estate and vehicles titled in the decedent’s name at the time of death pass into the estate. Check the land evidence records at the Rhode Island Secretary of State or city/town clerk’s office. For a summary of estate inventory requirements, see R.I. Gen. Laws 133-13-1 (Inventory of estate):
rilegislature.gov/Statutes/33-13-1.

2. Examine Financial Accounts and Insurance

Bank and brokerage accounts held solely in the decedent’s name belong to the estate. Look for payable-on-death (POD) designations; those pass outside probate. Corporate accounts appear on statements under the corporate name. Rhode Island requires a personal representative to file an inventory of all estate assets under R.I. Gen. Laws 133-13-1.

3. Inspect Corporate Documents

Corporations must file their articles of incorporation and annual reports with the Rhode Island Secretary of State. Corporate assets appear on corporate balance sheets and tax returns. To review corporate filings, see R.I. Gen. Laws 7-1.2-202 (Corporate powers):
rilegislature.gov/Statutes/7-1.2-202.

4. Compare Corporate vs. Estate Records

Ask for copies of corporate minutes, resolutions, and bank statements. Those documents will list assets in the corporate name. Estate documents—filed in probate court—list assets in the decedent’s name. Avoid co-mingling by keeping individual and corporate assets in separate accounts and titles.

5. Seek Professional Guidance

If you find mixed records or uncertainty, consult a probate or business attorney. They can help untangle transactions and protect the estate and the corporation from liability.

Helpful Hints

• Collect all deeds, titles, and account statements before you start.
• Check the Secretary of State’s eCorp portal for corporate filings.
• Request an inventory from the personal representative under R.I. Gen. Laws §33-13-1.
• Compare names on accounts, deeds, and tax returns.
• Keep corporate and personal funds strictly separate.
• Document any asset transfers made before or after death.
• When in doubt, seek guidance from a qualified attorney.