Estate plan a must when you own homes in different states

It is not uncommon for property owners in Lee County to also own other property or properties elsewhere in Florida or in another state within the U.S. While this offers people a certain level of versatility during their lifetime, it can be the cause of serious headaches for a person’s beneficiaries after their death. As is the case with most estate complexities, however, careful estate planning can help to avoid unnecessary problems later on.

While in most cases the probate of a person’s estate is conducted in the state where they lived, there are some situations where the probate process must be gone through in multiple states. If a person owns property in some states, regardless of whether they lived in another state, their heirs must complete a separate probate process in that state.

Some experts advise the use of a trust to ease the transfer of property from you to an heir after you pass away. They suggest creating a trust to own your real estate holding. In some cases, it is purportedly easier to transfer property rights through a trust than through the traditional probate process.

Regardless of whether you own multiple homes in multiple states, or you do not have any property to your name, there are many options available when creating your estate plan. By working with an experienced attorney, you can develop a plan that will account for the factors that could impact your estate and beneficiaries. A lawyer will be able to advise you of the best options for your needs, as well as address any concerns that you might have.

Source: CBS Boston, “How To Protect Your Estate While Living In Two States,” Dee Lee, Oct. 18, 2013

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