• Your Out-of-State Real Estate and Your Estate Plan

  • Jan 19 2025
  • Spieldauer: 11 Min.
  • Podcast

Your Out-of-State Real Estate and Your Estate Plan

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  • Inhaltsangabe

  • If you have any interest in out-of-state real estate, it can significantly complicate your estate planning process. Why? Because one primary motivation in estate planning is to avoid probate. And real estate in two (or more) different states makes it more likely that multiple probate proceedings could be required. So how do we deal with out-of-state real estate in planning for your estate? We often recommend that clients consider creating a trust. Usually (but not in every circumstance) that means a revocable living trust. But that's not enough by itself. In order to avoid probate we're likely to recommend that even your out-of-state real estate should be transferred to your new trust. We can handle the transfer of your Arizona real property, but we'll need to involve an attorney in the other state to handle transfer of your property in the other state(s). That means paying additional legal fees and increasing some of the complication. Of course, failure to transfer those interests exposes your estate to the very same complications, but at a more-expensive level. Often, the interest our clients have in out-of-state real estate might be a fractional interest. They might, for example, co-own a vacation cottage along with other family members or friends. Those arrangements may also complicate your estate planning.
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