Estate Planning and Real Estate
With modern communications, the digital age, and the comforts of easy travel, the world has become a much smaller place. Our Idaho Estate Planning Attorneys know that it is common for an individual move around more freely and to own real estate not only where they live but possibly in other states as well. When a client owns land, regardless of what state it is in, our Estate Planning Lawyers in Idaho assist our clients with the several options choices they have when it comes to their estate planning.
Our team of Lawyers who focus on Idaho Estate Planning use the experience they have obtained over decades to customize each client’s estate plan, especially when it comes to real estate. Our partners Randy Budge and Lane Erickson, and attorneys Nathan Palmer and Dave Bagley create a team of award winning Estate Planning Attorneys. Our team of use the decades of experience they have to assist each client in determining the options that are best for each client and the real estate they own. Below is a list of the three most important things our team assists each client with when it comes to real estate and estate planning.Real Estate in Different States
The first thing to understand is that owning real estate in different states is not a real problem when it comes to estate planning. The probate of a person’s estate will take place in the state where that person resided when they passed away. The court proceedings and appointments of a Personal Representative in the probate process will all take place there. Our Estate Planning attorneys in Idaho are experienced in helping families through the probate process for their loved ones.
Most states will recognize the appointment of a personal representative made in another state, allowing that same person to act at the personal representative in their state to deal with real property. Most states also have a summary proceeding called an Ancillary Probate that allows a personal representative to be recognized within their state boundaries so that homes or land can be properly transferred. Because of the procedures involved most of our clients hire an attorney in each state where such property is located to complete this process. Our Idaho Estate Planning lawyers can help with this process.Types of Real Estate Ownership
The second thing to understand is that there are different types of real estate ownership, some of which eliminate the need for a probate at all. One example is owning real estate as joint tenants with a right of survivorship. When real property is owned this way all that is usually required to transfer real estate from the decedent to the survivor in some states is an affidavit of survivorship. This can be a far easier process than filing an ancillary probate. However, the reality is that most ownership of real estate, even when it is a joint ownership with other individuals, does not include a right of survivorship. Also, some states don’t recognize a right of survivorship as a legal means to transfer real property. As a result, even if a person only owns a fractional interest of real estate, that interest must usually pass through a probate in order for title to properly transfer from the decedent’s estate to another person.
Our team of Estate Planning Lawyers in Idaho understand the process of transferring real estate from a decedent’s estate to other individuals. The transfer of real estate is usually controlled by a person’s Last Will and Testament. Even when it isn’t, our Idaho estate planning attorneys have experience helping families transfer real estate after a loved one passes. We are confident we can help you and your family.Estate Planning Trusts and Real Estate
The final thing to understand is that having a trust that owns all of the real estate an individual may have in different states eliminates the need for any ancillary probates or affidavits of survivorship. When a trust is used to own all of the properties, the trust continues even after a person’s death. The trust is the owner of the real estate. This means that even when a person dies, the ownership of the real estate doesn’t change and the trust can then distribute real estate properties at any time after your death without any court involvement.
Creating a trust to own real estate can be as simple or as complex as an individual chooses. However, a trust doesn’t work for everyone. We are experienced and can assist you and your family in determining whether a trust will work and if so, in creating a trust for the purpose of owning real estate either within the state of Idaho or in other states.Enlist an Idaho Estate Planning Attorney to Help You
If you own a home or other real estate in Idaho or in other states, our Idaho Estate Planning attorneys can help you. Whether you are seeking to create a simple estate plan or a trust to transfer your real property upon your death, we are available to discuss your options and answer your questions at an initial free consultation. Call us toll free at 877-232-6101 or 208-232-6101 for a free consultation with the Racine Olson team of Estate Planning attorneys in Idaho. You can also email us directly at firstname.lastname@example.org. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.