By Lane V. Erickson, Attorney
The world has become a much smaller place. It’s now very common for an individual to own real estate not only where they live but also in other states. If you own land, regardless of what state it is in, there are several things that you should know when it comes to estate planning.
The first thing you should know is that owning real estate in different states is not a real problem when it comes to estate planning. The probate of your estate will take place in the state you reside in when you die. The court proceedings and appointments of a personal representative will all take place there. More than likely your family will have an attorney help them through the probate process. However, your family will also have to hire an attorney in each state where you own real estate to help in the transfer of that property as well.
Most states recognize the appointment of a personal representative made in another state. Most states also have a summary proceeding called an ancillary probate that allows a personal representative to be recognized within their boundaries so that real estate can be transferred. Because of the procedures involved most families hire an attorney in each state where such property is located. If you and your family can find a single attorney who is licensed in all the states where you own real estate you will save yourself time and money.
The second thing you should know is that there are different types of real estate ownership, some of which eliminate the need for a probate at all. One example is owning real estate as joint tenants with a right of survivorship. In this instance, all that is usually required to transfer real estate from the decedent to the survivor is an affidavit of survivorship. This is far easier than filing an ancillary probate.
The final thing you should know is that having a trust that owns all of the real estate you have in different states also eliminates the need for any ancillary probates or affidavits of survivorship. When a trust is used to own all of the properties, the trust continues even after you death. Because nothing has changed the trust can then distribute real estate properties at any time after your death without any court involvement.
If you own property in several states and you have questions about setting up an effective estate plan, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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