Rhode Island Irrevocable Power of Attorney for Transfer of Stock by Executor
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How to fill out Rhode Island Irrevocable Power Of Attorney For Transfer Of Stock By Executor?
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FAQ
The trustee can set up new brokerage accounts in the name of the beneficiaries, or the beneficiaries can create their own brokerage accounts at an institution of their choosing. The Trustee can then instruct that all stocks and bonds be transferred in-kind (meaning without being sold) to the Trust beneficiaries.
To transfer cash or securities, the trustee will open an account in the trust's name, and the grantor will instruct his or her bank or broker to move the funds from his or her account to the trust's account. For real estate, a deed is used to transfer legal title of the property from the grantor to the trust.
The timeline for probate will vary based on the size and complexity. However, it will have to remain open for at least six months because creditors are given that much time to submit claims. If the executor must sell of assets to pay the debts of the decedent, probate can remain open for much longer.
If you are in possession of a will of a deceased person, you must either file it with the appropriate court or deliver it to the person named in the will as executor, as under Rhode Island law the will is to be filed within 30 days after death.
Can an Executor Remove a Beneficiary? As noted in the previous section, an executor cannot change the will. This means that the beneficiaries who are in the will are there to stay; they cannot be removed, no matter how difficult or belligerent they may be with the executor.
Can an executor appoint another executor? If they are unable to act temporarily, for example, they live abroad; it is possible to give a Power of Attorney to another person to act on their behalf. The executor can delegate the functions he/she has to carry out to the attorney.
A last will and testamentalso simply called a willcommunicates a person's last wishes for the time after his death. However, Rhode Island law allows for certain parties to dispute the legality of the document with proper grounds, and this is called contesting a will.
If you are unhappy with a will, it is absolutely critical that you immediately seek legal help, as the time limits on contesting a will can be as little as just six months from the date of the grant of probate or letters of administration been issued.
If you wish to contest the validity of a will, there is technically no strict time limit to do this; however, it is still very important to act as quickly as possible as it can become more difficult to bring a claim if the estate assets have been distributed.
It doesn't matter that you previously had authority to make decisions on their behalf, as it's not the same thing. So the fact that you had power of attorney has no influence over whether or not probate is needed.
