What types of property are typically subject to inheritance law?
Inheritance law is the set of laws which govern who may receive a deceased person’s property after death. In Rhode Island, there are several types of property which may be inherited. These include: Real estate: This is any kind of land, buildings, or other structures that a person owns. Real estate is the most common type of property subject to inheritance law. Personal property: Personal property includes any item of value not classified as real estate. This could be items such as cars, furniture, jewelry, and other items owned by the deceased. Financial assets: These are any funds held in accounts such as savings or retirement accounts, or in stocks and other investments. Intellectual property: Intellectual property includes any kind of creativity, such as a patent or copyright, as well as trademarks, designs, and trade secrets. Other assets: These are any assets not falling within the four categories listed above, such as life insurance proceeds, gift cards, and pre-paid funeral expenses. Inheritance law in Rhode Island is complex and it is important to seek professional assistance when dealing with the deceased’s estate. Estate planning is essential in order to ensure that the deceased’s wishes are carried out and that the proper individuals receive the property.
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