Schedule Your Estate Planning Consultation OR "Don't Go Broke" Strategy Session 404-549-5001

125 Clairemont Ave., Suite 550,
Decatur, GA 30030

404-549-5001

Spare Your Family: Avoid Probate For Solely Owned Out-of-State Real Estate

spare your family avoid probate for out of state real estate planning atlanta ga

One of the things you want your estate plan to help your family do is avoid probate for out-of-state owned real estate after your death.

Owning a home in another state from your primary residence is a luxury that more and more people enjoy. Whether a timeshare, vacation home or deeded family property, this luxury is too often the source of additional expenses and headaches for family members after the death of the loved one. That’s because the family can’t avoid probate and then must go through a second—or what is known as a multi-state or ancillary—probate, which involves hiring an attorney in that state.

Probate is a headache everyone wants to avoid. Having to go through probate in another state is even worse.

The good news though is that all probate can be avoided if you make the avoidance of all probate a priority.

The best way to avoid probate is to make sure you discuss all property owned solely or jointly when establishing your estate and asset protection plan with your attorney.

Revocable living trusts are a probate-avoidance technique that allows you to avoid probate for virtually any property you own – conditioned on you transferring the property ownership to your revocable living trust once it is created. Once ownership is transferred to your revocable living trust, your dominion, control, and access to the assets in the revocable living trust remain the same as it was in your individual name.

ADDITIONALLY, during your life, if you change your mind at any time, you can change the terms of the trust or revoke it altogether. An additional advantage comes at your death. Property in the trust is controlled by the person you named to take over as successor trustee, and that person has the power to distribute the property to inheritors without any probate court involvement. That saves everyone a lot of work and gets property to the people you chose to inherit it much more quickly.

If you don’t have an estate plan and you do own property in another state, now’s a good time to think about how you want those assets distributed upon your passing. This is one area that causes so much avoidable grief and additional expenses for your loved ones. Give us a call today and let us help you avoid all the headaches associated with any probate, especially ancillary or multi-state probate.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

 
provided by Premier | powered by Premier

Thank you for your upload