If you own real estate in more than one state, a Revocable Living Trust can be an effective way to simplify the administration of your estate and avoid multiple probate proceedings.

If you own real estate in more than one state, a Revocable Living Trust can be an effective way to simplify the administration of your estate and avoid multiple probate proceedings. Without proper planning, real estate is generally subject to probate in the state where it is located, which means your family may have to open a primary probate proceeding in your home state and a separate “ancillary” probate in each additional state where you own property. By transferring your real estate into a properly drafted and funded Revocable Living Trust, the property can generally be administered by your successor Trustee without separate probate proceedings in each state, potentially saving your beneficiaries significant time, expense, and inconvenience. The Trust can also provide for consistent management of your properties if you become incapacitated and establish clear instructions for their sale or distribution after your death. Because transferring real estate to a Trust can involve state-specific deed requirements, transfer taxes, property tax considerations, mortgages, and title insurance issues, it is important to coordinate your estate plan with attorneys or other professionals familiar with the laws of each state where you own property.

If you have questions about estate planning or owning real estate in multiple states, call us at 253.858.5434 to discuss your situation and learn about your planning options.