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Out Of State Family Trusts/Probates
Having land, a vacation house, or a timeshare in a different state than where you currently reside means that when you pass away, your loved ones will have to begin probate procedures in each of those states in addition to the one in which you currently reside. Ancillary probate or out of state probate are the terms used for this kind of situation.
For a better understanding, see the sample scenario below:
Let’s assume Tom owned property in Connecticut, where he lived full-time, but he also owned a vacation property in Maine. Since Tom owned properties both in Connecticut and Maine, his executor would have to deal with the probate courts in both jurisdictions.
What to do to avoid tedious probates of out of state property?
Dealing with various probate court hearings in different jurisdictions entails more paperwork, takes considerably more time, and almost likely results in more expenses, not to mention the added stress of coordinating estate management across multiple states. Thus, using a trust rather than a Will is strongly recommended if you have out of state property located in more than one state.
You can establish a living trust to hold your assets while retaining complete control over them during your lifetime. By establishing a trust, heirs can avoid probate in every jurisdiction where the decedent’s property is located. And it makes estate administration easier.
Can a will prepared in another state be used in Southern California?
If the will was legally drawn up and signed in accordance with the laws of the other state, then it should be acceptable in California. But it’s preferable to get a fresh set of documents made or amended so they meet the standards of the law in California.
Is the validity of a California trust recognized in other states?
As a general rule, a contract executed in California will be governed by California law even if the parties to the contract move to another state. In most cases, a living trust can be taken anywhere in the United States.
You should protect your loved ones from the hassle of several probate processes and extra effort if you own property in several states. It is wise to ensure that all your assets are held under a living trust.
Please feel free to contact us anytime if you need further information about out-of-state probates or require assistance from an experienced probate real estate agent.