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The document is a Revocable Living Trust Agreement established by a Trustor in Rhode Island. It outlines the creation, management, and distribution of trust assets during the Trustor's lifetime and after their death. The Trustor appoints themselves as Trustee, with provisions for a Successor Trustee if needed. The agreement details the powers granted to the Trustee, rights of beneficiaries, asset management, and conditions for distributions. It also includes clauses on incapacity, tax obligations, and termination of the trust under certain conditions.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the average amount of money in a trust?

While some may hold millions of dollars, based on data from the Federal Reserve, the median size of a trust fund is around $285,000. Thats certainly not set for life money, but it can play a large role in helping families of all means transfer and protect wealth.

Is there a monthly fee for a trust?

If youve appointed a professional trustee, like a bank or trust company, they may charge an annual fee for their services. These fees often range from 1% to 2% of the trusts assets, though they can differ based on trust complexity and total value.

How much does it cost to set up a trust?

The cost of establishing a family trust is generally $1,000 to $2,000 depending on the structure used.

Does Rhode Island have an inheritance tax?

While there is no inheritance tax in Rhode Island, a deceased persons estate may be subject to state and federal estate taxes. Unlike inheritance tax, estate taxes are paid by the estate of the person who died, not by the heirs and beneficiaries.

What is the reason for Rhode Island settlement?

From its earliest settlement, Rhode Island was a refuge for people persecuted for their religious beliefs. King Charles IIs 1663 charter for the colony of Rhode Island and Providence Plantations explicitly established religious toleration for all inhabitants.

How much does it cost to set up a trust in RI?

The cost of setting up a living trust in Rhode Island varies based on the method you go with. Online programs are common and typically cost $200 or less. However, there are significant risks to be mindful of when it comes to DIY estate planning. Seeking the help of a lawyer, while safer, could run you $1,000 or more.

Who is eligible for the Rhode Island Promise?

Eligibility for Rhode Island Promise (Tuition-Free College) Be a Rhode Island resident and graduate from high school (public, private, or homeschooled) or earn a GED. Be 18 years old or younger (students who are 19, 20, or 21 in the year they graduate will submit an appeal).

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