Wills & Trusts Attorneys in Rhode Island

Creating a comprehensive estate plan often involves drafting both a will and a trust. Each serves distinct yet essential purposes in ensuring your assets are distributed according to your wishes and your loved ones are well taken care of.  

By contacting The Law Offices of Howe & Garside, Ltd, you will be able to craft a will and build a trust tailored to your specific needs. The legal team at the firm prides themselves on providing comprehensive legal services.  

The Law Offices of Howe & Garside, Ltd proudly assist clients in Newport, Lincoln, and throughout Providence, Warwick, Bristol, Westerly, Woonsocket, Lincoln, and Pawtucket, Rhode Island. 

Understanding Wills 

A will is a legal document that outlines how you wish your assets to be distributed after your death. It allows you to: 

• Appoint beneficiaries: Designate who will receive your property and assets. 

• Name guardians: Specify who will take care of your minor children. 

• Appoint an executor: Choose someone to oversee the distribution of your assets according to your will. 

What Makes a Will Valid in Rhode Island 

In Rhode Island, several key requirements must be met for a will to be considered valid. These include: 

• Age and mental capacity: The testator (the person creating the will) must be at least 18 years old and of sound mind. This means they must be capable of understanding the nature of their assets, the act of making a will, and the implications of their decisions. 

• Written document: The will must be in writing. Oral wills are generally not recognized in Rhode Island, except under very specific circumstances, such as for military personnel. 

• Signature: The testator must sign the will voluntarily, indicating their intent for the document to serve as their last will and testament. 

• Witnesses: The will must be witnessed by at least two individuals who were present when the testator signed the document. These witnesses must also sign the will in the presence of the testator and each other. 

By ensuring these requirements are met, you can help guarantee that your will is legally enforceable and that your wishes will be carried out as intended. An estate planning attorney can assist you throughout this process. 

Benefits of Having a Will 

Note that anyone can benefit from a will, regardless of age or assets. Common benefits include: 

1. Simplicity: Wills are generally straightforward to create and can cover the majority of your estate planning needs. 

2. Control: Ensure that your assets are distributed according to your specific wishes. 

3. Guardianship: Clearly outline who should care for your minor children, avoiding potential disputes. 

4. Flexibility: Wills can be updated as your circumstances change, such as after marriage or the birth of a child. 

Speak with a reliable attorney to start crafting your will today.  

Understanding Trusts 

A trust is a legal arrangement in which one party (the trustee) holds assets for the benefit of another party (the beneficiaries). Trusts can be incredibly versatile and serve numerous purposes. Some advantages are:

1. Avoiding probate: Trusts can help your estate bypass the often lengthy and costly probate process. 

2. Privacy: Unlike wills, trusts are not typically made public, keeping your affairs confidential. 

3. Continuous management: Trusts continue to manage your assets if you become incapacitated, ensuring their smooth handling. 

4. Tax planning: Certain trusts can offer tax advantages, reducing the potential estate tax burden on your beneficiaries. 

Types of Trusts 

Understanding the different types of trusts can help you decide which arrangement best suits your estate planning needs. Here are some common types of trusts: 

Revocable Living Trust 

A revocable living trust allows you to retain control over your assets during your lifetime. You can modify, amend, or revoke the trust as needed. This type of trust provides flexibility and can help ensure that your assets are managed if you become incapacitated. 

Irrevocable Trust 

An irrevocable trust, once established, cannot be easily amended or revoked. By transferring assets into this type of trust, you may be able to reduce your taxable estate and protect your assets from creditors. This trust is often used for tax planning and asset protection purposes. 

Testamentary Trust 

A testamentary trust is created through instructions in your will and does not take effect until after your death. This type of trust can provide for minor children, manage assets for beneficiaries who are not capable of doing so themselves, or protect your estate from creditors. 

Special Needs Trust 

A special needs trust allows you to set aside funds for a beneficiary with disabilities without affecting their eligibility for government benefits. This trust ensures that your loved one continues to receive support and quality of life enhancements while preserving access to essential services. 

Charitable Trust 

A charitable trust is designed to direct assets to one or more charitable organizations. This type of trust can provide tax benefits and allow you to support the causes you care about. Charitable trusts are often used for philanthropic purposes and to create a lasting legacy. 

Spendthrift Trust 

A spendthrift trust is created to protect the trust assets from being squandered by a beneficiary who may be financially irresponsible. The trustee maintains control over the assets and distributes them according to the terms specified in the trust, ensuring that the beneficiary receives ongoing support. 

By understanding these various types of trusts, you can make informed decisions about how to structure your estate plan to best meet your goals and protect your loved ones. 

Key Factors to Consider in Wills & Trusts 

Goals and Needs 

Identify what you aim to achieve with your estate plan. Whether it’s tax minimization, asset protection, or ensuring the care of a loved one, your goals will shape the structure of your will and trust. 

Complexity of Assets 

For complex estates with multiple properties, businesses, or special circumstances, trusts can offer more sophisticated management and distribution solutions. 

Control and Flexibility 

Determine the level of control and flexibility you want over your assets. Revocable trusts allow for modifications, whereas irrevocable trusts provide stronger protection but less flexibility. 

Legal and Professional Guidance 

Incorporating wills and trusts into your estate plan can be complex. Seeking guidance from experienced estate planning attorneys can ensure that your plan is comprehensive, legally sound, and aligned with your personal goals.