Idaho Estate Planning and Out of State Real Estate
Never in the history of mankind has the world been so accessible to individuals. This is particularly true when it comes to owning real estate in different locations. Many individuals, especially those who are elderly, have real property in several different states. Often this may include a summer home, or a lake house, or some other type of vacation property. Additionally, we have also found that many couples and individuals invest in real estate and use that as a means of generating income for themselves during the later years of their lives. Many of our clients are concerned about owning real estate in other states when it comes to their estate planning. You can be assured that our team of Idaho estate planning lawyers have helped numerous clients create a simple and yet comprehensive estate plan that includes real estate located in different places.
Our team of premier Idaho estate planning attorneys in the Racine Law Office have assisted clients with their Idaho estate planning needs for more than 70 years. This includes providing an estate plan that covers property located in several different states. We have found that in the last few decades owning property in different states has become more common. Through our experience, skill, and knowledge, we can help you with all your estate planning needs including dealing with property in other states.
Consisting of partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley, our team of Idaho estate planning lawyers can assist you. Each member of our team has received the highest rankings possible on several legal rating services. More important than this however, the attorneys on our team consistently receive high reviews from current clients, other attorneys, and the judges that we work with frequently in estate planning and probate proceedings.
When it comes to working with property that you may own in other states and your estate planning here are a few simple things that you should understand.You Still Only Need Your Idaho Will
The first thing that you need to know is that if you are a resident in Idaho, and you have obtained an Idaho last will and testament, you need no additional last will and testament. Almost every state in the United States has adopted the uniform probate code which provides language stating that if your last will and testament was valid in the state where you obtained it will be valid in any other state where it may be utilized. As a result of this, if you live in Idaho, and you obtain your Idaho last will and testament, other states will recognize this last will and testament as being valid.
This is important because we often have clients who come to us with a misunderstanding of how estate planning works. Often these clients believe that they are required to get a last will and testament in every state where they own real property. The problem with doing this is usually the language in the last will and testament states specifically that it revokes and takes the place of any prior written last will and testament. For this reason, if after getting your Idaho last will and testament you go to another state and obtain a new one, your Idaho one will be eliminated and will no longer be legally valid. Rather than doing this there are other options you have available to you to make sure your real property in other states is handled properly.Plan for an Ancillary Probate
The first option that you have available to you is to simply abide by the terms of your Idaho last will and testament. If you own property in another state, the individual that you named as your personal representative will begin the probate in Idaho. Once they are appointed as your personal representative, and while your Idaho probate is proceeding, that same personal representative will take to the other state(s) evidence of their being appointed as your personal representative in Idaho. The reason they will be doing this is to begin an ancillary probate.
An ancillary probate is not a full probate. Rather it is a proceeding that allows another state to recognize the individual who was appointed in Idaho through your last will and testament. When this occurs, your personal representative will then have authority to deal with the property in the other state. The reason this must occur is because the courts in Idaho do not have jurisdiction over real estate located in another state. Rather, the state where the property is located (the state that has jurisdiction) must formally recognize the authority of the personal representative to deal with that real estate. This is accomplished through an ancillary probate.
Though it may sound complicated, an ancillary probate is fairly simple and is easy to accomplish. Usually, the only negative part of an ancillary probate is that it requires another attorney, who is licensed in the state where the other real estate is located, to assist in completing the ancillary probate. This can become expensive if you have property located in numerous States because an ancillary probate will need to be completed in each state. An ancillary probate works for most people, but some may not want to use it.Utilize a Trust
Another option that is utilized by many individuals through their estate planning is to use a trust. When a trust is used, the individual will actually transfer ownership of the real estate located in other States into the trust. By doing this, the individual no longer personally has title to or owns the real estate. Rather, the trust owns the real estate. As a result of this, when that individual passes away, there is no probate that is required to be accomplished in order to transfer that real estate to another individual. This is true because the trust has authority to transfer the property away based on the instructions that are left in the trust without any probate proceedings.
When a trust is used, because no probate is required, no ancillary probate is also required. This means that property located in several States can be handled and administered by a trust without having to involve other attorneys, any other courts, or any other probate proceedings.
We have assisted many of our clients in utilizing the options listed above. If you have questions or concerns about how to handle your real estate located in other states, we are confident that we can help you too.Enlist an Idaho Estate Planning and Probate Attorney to Help You
Our experienced Estate Planning team of attorneys can help you and your family with your Idaho estate plan or with your probate needs. Whether you are seeking your own customized Estate Plan or are in need of a Probate for a loved one who has passed, 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. You can also email us directly at email@example.com. We will answer your questions and will help you solve your Idaho Estate Planning and Probate problems.