Out of State Real Estate and Boise Estate Planning
All through the history of the world, there has never been a time when so much has been so accessible to so many people. This is especially true when it comes to owning real estate in different states. Many people, especially the elderly, own land and other real property in different states at the same time. The reasons vary but could include a summer home, or a vacation house, or some other type of recreational property. Additionally, there are more and more individuals and couples who are investing in real estate to generate income to help them financially later in their lives. Because of these things several of our clients want to know how owning real estate in other states may affect their estate planning. Our team of Boise estate planning lawyers have helped many clients put their minds at ease with a simple estate plan that considers and deals with real estate located in different states.
We take pride in the fact that our team of premier estate planning attorneys have assisted clients with their Boise estate planning needs for more than 70 years. The assistance we provide includes creating a customized estate plan to protect and distribute property located in different states. Because of how common it is these days for a person to own land or homes in many places, our skills, knowledge and experience are valuable in creating a plan to meet your needs.
Out team of premier Boise estate planning attorneys includes partners Randy Budge and Lane Erickson and attorneys Nate Palmer and Dave Bagley. Each of our attorneys has received the highest ratings possible on several legal ranking services. More importantly, our attorneys are regularly given the highest reviews possible from other attorneys, the judges that we work with frequently, and most importantly our current clients.
If you own land or homes in more than one state, we can help you. Here are several things you should understand:Your Idaho Will is Enough
First, if you are a resident in Boise, and you have an Idaho last will and testament, you don't need an additional last will and testament documents. Currently, almost every state in the United States has adopted the uniform probate code which provides important language that says that if your last will and testament is valid in the state where you had it created it will be valid in any other state where it will be used, including other states where you own land or homes. Because of this, if you live in Boise, and you have a valid last will and testament, almost every other state in the United States will recognize your last will and testament as being valid.
The reason this is important is because of how estate planning works. Many times our clients believe that they will need to get a last will and testament created in every state where they own a home or land. IF this occurs it can create many problems as well as be very expensive. The problem that is created involves a term known as "finality". In most last will and testament documents there is language that specifically "revokes" any prior written last will and testament documents. By doing this, the one you signed most recently is your "final" last will and testament. As a result, if you create a last will and testament in Boise and then go to another state and obtain a new last will and testament, your Boise document will be revoked and will not be legally valid any more. So don't do this. We can help you make sure your real property in other states is handled properly.Plan for an Ancillary Probate
One option available to you is to simply abide by the terms of your Boise last will and testament. If you own a home or land in another state, the individual that you named as your personal representative will start a probate for you in Boise after you die. After being appointed as your personal representative, and while the Boise probate is moving forward, your personal representative can go to the other state(s) and bring evidence of their appointment in Idaho. This allows them to begin an ancillary probate in those states where you homes or land are located.
To be clear, an ancillary probate is not a regular probate. Rather it is an expedited proceeding that does nothing more than allow other states to recognize the individual who is your personal representative through your last will and testament. By doing this, your personal representative can obtain authority from these other states to deal with the property located in that state. This must be done because the courts in Idaho do not have jurisdiction over homes or land located in other states. Idaho courts can only deal with Idaho property. Each state where the other homes or lands are located has jurisdiction to deal with the property located there. This is what is done through an ancillary probate.
Even though it sounds complicated, an ancillary probate is actually simple. The only complication of an ancillary probate is that it requires an attorney who is licensed in the state where the other home or land is located, to do the ancillary probate. In other words, an Idaho attorney cannot do a probate in another state unless he is licensed in that state. As a result, ancillary probates will cost more money. Ancillary probate work for many people, but some people may not want to deal with the extra time and expense involved in doing an ancillary probate. If this is the case, you can move down to the next option.Utilize a Trust
If dealing with ancillary probates doesn't sound appealing a different option through your estate planning would be to use a trust. When you use a trust, you actaully transfer ownership of the home or land located in another state into the trust. When this happens you no longer personally owns the real estate. Rather, the trust now owns the real estate. Afterwards, if you were to pass away away, there is no probate that is required to be accomplished for you in order to transfer the real estate in the trust to another person. This happens because the trust now owns the real property and has authority to transfer that property based on the instructions in the trust without any probate at all.
Because no probate is required when a trust is used, no ancillary probate is required in any of the states where homes or lands are located that are owned by the trust. This means that homes or lands located in onter states can be distributed by your trust without involving other attorneys, or incurring additional court costs, or having to deal with any other probate proceedings.
We have experience in assisting many clients in utilizing the options described above based on their needs and circumstances. 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 Boise Estate Planning and Probate Attorney to Help You
Our experienced Estate Planning team of attorneys can help you and your family with your Boise 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 consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a 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 Estate Planning and Probate problems.