As I grow older, the issue of inheritance has been on my mind, should I survive Hubby, (which is highly unlikely because his dad lived well into his 90s, and his mother is still going strong in her advanced age.) We have five adult children, including one biological and four adopted, one from newborn, and three others adopted at older ages.  They are equally our children and will share the inheritance equally. 

Nothing breaks my heart more than a parent who cares more for one child over another, even if there may be other reasons for their favoritism. When my mother passed away, I was her sole heir, despite having a younger brother who was significantly disabled and unable to live on his own.  At that time, the group home in which he lived was funded by Medicaid, and if he had assets to any extent, he would have been denied continued Medicaid coverage. 

President Barack Obama signed into law the establishment of ABLE accounts, (Achieving a Better Life Experience accounts), which became available in 2016. These accounts were established to provide individuals with disabilities more financial independence and security, helping them save for a variety of disability-related expenses without affecting their eligibility for benefits such as Supplemental Security Income (SSI) and Medicaid. (To qualify for an ABLE account, a person must have been determined to have a disability before their 18th birthday.)

While we do not have significant financial assets, we do own a family home in Warwick. We currently have a standard will, with my oldest son named as the executor.

However, I recently learned that the will would have to go through Probate Court, which can be a costly process. The petition for Probate of Will often carries a fee of around 1% of the property’s value, which, in our case, would amount to $3,500.  Additionally, there could be expenses for required public notices, attorney fees, which can range from 2 percent to 5 percent of the property’s value, appraisal fees, and various administrative costs for document preparation. Given how expensive probate can be, I would prefer to find a way to spare my children from having to bear these financial burdens.

     Establishing a Trust might be a better alternative. I assume that the costs would need to be paid upfront through a lawyer. A Revocable Living Trust would allow me to set it up and make modifications as needed during my lifetime. Upon my passing, the assets would transfer directly to the beneficiaries, bypassing Probate Court.

     As with a will, a successor trustee would need to be named. While it is possible to place conditions on inheritance, I believe the fairest approach is to have all five children share the inheritance equally. The only caveat would be for my adult children with disabilities as their shares would need to be placed into ABLE accounts

     While Rhode Islanders can avoid the costly and complex process of probate when they pass along financial assets like pension plans and life insurance policies to named beneficiaries, this mechanism does not exist for those who want to leave their home to loved ones after their death. Recently proposed legislation sponsored by Sen. Dawn Euer would give Rhode Islanders this option. The bill is not for large estates, but rather for working-class Rhode Islanders who simply want to pass their home to their heirs when they die.

Senator Euer’s bill, the Uniform Real Property Transfer on Death Act (2025-S 0141), would allow owners of real property, such as a home, to use a document called a transfer on death deed to name beneficiaries who will obtain the title upon the owner’s death without the necessity of probate. Currently 33 states, the District of Columbia and the US Virgin Islands permit property owners to avoid probate when transferring property with transfer on death deeds. Such a solution, if passed, might be perfect in my case.

     At this stage in my life, there are many important factors to consider when inheritance planning. It is important to explore the available options carefully to ensure that my darling children and their families are provided for in a way that is both equitable and financially efficient.