Creating a will is an important part of protecting your property and providing instructions for what should happen after your death. However, it is surprisingly easy for an asset to be overlooked. You might purchase property after signing your will, open a new financial account, inherit an asset, or simply forget to mention something you already own.

If an asset is not specifically listed in a Rhode Island will, that does not necessarily mean the property is lost or automatically goes to the state. What happens depends on the language of the will, how the asset is owned, and whether another estate planning arrangement controls its transfer.

For individuals and families in Warwick, understanding how omitted property is handled can help prevent unexpected probate issues.

Does Every Asset Have to Be Specifically Listed in a Rhode Island Will?

Not necessarily. A properly prepared will may contain a residuary clause, which addresses property that has not otherwise been specifically distributed.

Rhode Island courts have described a residuary clause as a type of catch-all provision for property that is not otherwise disposed of in the will.

For example, a will might make specific gifts of a home, jewelry, or money and then state that the remainder of the estate passes to a particular beneficiary. If an asset was unintentionally omitted from the specific gifts, it may still pass under this residuary provision.

This is one reason careful drafting can be important when creating a Rhode Island estate plan.

What If Your Will Does Not Have a Residuary Clause?

The situation can become more complicated when an asset is not specifically addressed and the will does not effectively dispose of the remaining estate.

Under Rhode Island law, real and personal property that is not devised or bequeathed by a person's will generally must be distributed in the same manner as if the person had died intestate. Rhode Island law also provides that portions of an estate that are not effectively disposed of by a will can pass through intestate succession.

In practical terms, this means Rhode Island's intestacy laws may determine who receives the omitted property rather than the instructions the person intended to establish through the will.

Depending on the person's family circumstances, this could result in an asset passing to a spouse, descendants, or other legal heirs.

Some Assets May Pass Outside of the Will

Before assuming an omitted asset will become part of an intestate estate, it is important to determine whether the will controls the asset at all.

Certain property can pass outside probate through another legal mechanism. Depending on how an asset is titled or structured, examples may include:

• Life insurance with a designated beneficiary
• Retirement accounts with beneficiary designations
• Certain jointly owned property
• Assets held in a trust
• Accounts with valid transfer-on-death or similar beneficiary arrangements

Rhode Island regulations recognize that certain property may pass by operation of law or through contracts, deeds, trusts, insurance policies, and other instruments without requiring probate to transfer ownership.

As a result, failing to mention one of these assets in a will may not affect who ultimately receives it.

What Happens If the Missing Asset Is Discovered During Probate?

If an omitted asset is discovered after death, the executor or other estate representative generally must determine whether it belongs to the probate estate and how it should be distributed.

The representative may need to review the will for a residuary clause, determine how the property is titled, identify beneficiary designations, and consider Rhode Island's intestacy laws. The correct approach can depend heavily on the circumstances surrounding the particular asset.

Rhode Island probate matters are generally handled at the city or town level, while probate appeals are heard by the Superior Court.

When uncertainty exists about who should receive an asset, legal guidance may help the estate representative address the property correctly and reduce the possibility of disputes among beneficiaries or heirs.

Can You Add a Forgotten Asset to Your Will?

If you discover the omission while you are still alive, you may be able to update your estate plan rather than leaving the issue for your family to resolve later.

Depending on the circumstances, this could involve properly amending the existing will or preparing a new will. Simply handwriting a change onto an existing document or making an informal note may create questions about whether the change is legally valid.

An estate planning attorney can review the existing documents and recommend an appropriate way to incorporate newly acquired or previously omitted property.

Review Your Estate Plan as Your Assets Change

A will should not necessarily be treated as a document that is signed once and forgotten. Significant financial and family changes can make an estate plan outdated.

It can be useful to review your Rhode Island estate plan after purchasing or selling real estate, opening significant financial accounts, receiving an inheritance, starting or selling a business, getting married or divorced, or experiencing other major changes.

Regular reviews can help ensure that the assets you currently own are addressed and that your estate plan continues to reflect your wishes.

Speak With a Warwick Estate Planning Attorney

Forgetting to include an asset in your will does not always create a major problem, particularly when the will contains an effective residuary clause or the property passes outside probate. However, an omitted asset can sometimes result in part of an estate being distributed according to Rhode Island intestacy laws instead of according to the owner's intended wishes.

At Tomassi Law, LLC, we provide legal assistance to individuals and families in Warwick, Rhode Island, with estate planning, wills, and related legal matters. If you need to create a will, update an existing estate plan, or determine how an omitted asset may be handled, contact Tomassi Law, LLC to discuss your circumstances.