Disclaimer: This article is for educational purposes and does not constitute legal advice. For guidance specific to your situation, consult a qualified attorney.
Detailed Answer
When a Rhode Island resident dies without a will (intestate), minor children often inherit under state law. Rhode Island’s intestacy rules appear in R.I. Gen. Laws Title 33, Chapter 13 (§§33-13-1 et seq.). To safeguard a minor’s share, courts supervise the assets and appoint fiduciaries. Key protective steps include:
1. Identifying Heirs Under Intestacy
Under R.I. Gen. Laws §33-13-3, the estate passes first to descendants. If only minor children survive, they split the estate equally. The court then manages those assets until each child reaches the age of majority.
2. Appointment of a Guardian of the Estate
The probate court appoints a guardian of the estate under R.I. Gen. Laws §33-15-1. A parent may serve as guardian if found suitable; otherwise, the court names another responsible adult. The guardian must file an inventory, seek court approval for major transactions, and submit annual accountings.
3. Bond and Court Supervision
Guardians generally must post a bond under R.I. Gen. Laws §33-15-6 to protect the minor’s assets. The court reviews reports, audits accounts, and enforces compliance with fiduciary duties.
4. Uniform Transfers to Minors Act (UTMA) Custodianship
Rhode Island’s UTMA (R.I. Gen. Laws §§33-16-1 et seq.) allows a custodian to hold property for a minor until age 21. UTMA custodianship often involves simpler reporting than full guardianship but still protects the minor’s inheritance.
5. Court-Created Trust for Minors
The probate court may establish a trust under R.I. Gen. Laws §33-13-4. A trustee manages the funds and distributes portions for the child’s health, education, maintenance, or support until they reach adulthood.
Helpful Hints
- Start the probate process promptly to protect the minor’s share.
- Consider UTMA if the estate is small to avoid full guardianship proceedings.
- Verify guardian qualifications; Rhode Island requires suitability and willingness to serve.
- Ensure the guardian or custodian posts the required bond.
- Keep detailed records and receipts for annual accountings.
- Review trust distribution terms to anticipate when and how funds will be released.