Real Estate Owned in Other States?

by | Mar 24, 2018 | Uncategorized | 0 comments

The estate of a person who owns real estate in more than one state will cost more to probate.  The reason is simple:  A probate procedure will be required in each state where real estate is owned.

Typically, the primary probate takes place in the state in which the person lived when he passed away.  After that has been launched, a similar (though simplified) procedure will be required in each of the other states in which property is owned in order for the Executor to be approved by the courts of each state.  Without that authority, the Executor will be unable to transfer or sell the property in question.

This additional cost to the Executor and heirs should be kept in mind when a person decides on a particular estate plan.

Usually, the best solution which eliminates all of this wasted time and money is the establishment of a Family Trust.

By creating a family trust and transferring all real estate into the name of that trust, the heirs and executor are spared all of these probates – the one here in Idaho, as well as the ancillary probates in the other states.

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Daniel Patchin

Barry Peters