What if I own real estate in another state?

What if I own real estate in another state?

If a couple owns a home in Idaho and also real estate in another state, the probate quandary becomes that much more difficult and expensive.

Upon the death either spouse, the remaining spouse normally will be required to go through the probate process to move the home owned by the deceased spouse in Idaho into the name of that surviving spouse. And, after the surviving spouse has gone through probate in Idaho, he or she will then have to go to the other state in which property is owned and go through a separate ancillary probate process there, as well. So, the cost and delay of probate is amplified when the couple owns real estate in more than one state.

Then, when the second spouse passes away, his or her heirs will have to go through the same processes all over again.

Fortunately, the establishment of a Living Trust or Family Trust by that couple can avoid not only the Idaho probate, but the ancillary probate in the other states, as well. And it avoids probate upon the death of each spouse, so the total savings (in both time and money) can be substantial.

Wit & Wisdom

One word spake with quiet grace, the flinted heart may melt.

- Barry's Razor #3


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