Whether you own a vacation home in Florida or a rental property in Oregon, owning multiple properties is something many strive to achieve. However, do you know what will happen to these assets upon your passing? Unfortunately, many assume that they can simply include these assets in their Will, and they will be treated like other property. In reality, this is far from the truth as there are a number of important considerations that must be made to ensure this property is handled correctly in the state where it’s located. If this represents your circumstances, the following blog explores what you should know about these matters, including the importance of working with a Medina County, Ohio estate lawyer to explore your options.
How Can I Include Property I Own in Multiple States in My Will?
First and foremost, it’s important to understand that if your Will is valid in one state, it will generally be considered valid in all states. However, there may be state-specific language that can impact how assets are distributed, especially in relation to probate.
When you pass away, the assets held in your will are subject to Probate. Essentially, this allows the courts to validate your Will and oversee the distribution of assets to ensure your wishes are honored. Many assume that Probate only happens when there is no Will in place, which is far from the truth. In reality, most estates are subject to this process, regardless of whether or not there are documents in place explaining their wishes.
You should note, however, that even if your will is valid in another state, there are different Probate processes that each state adheres to. As such, the Probate your property in Ohio is subject to will be different than what your property in Florida undergoes. To accommodate for this, your estate may undergo Ancillary Probate. Essentially, this is a secondary proceeding in the state that is not considered your “domicile” or primary residence. As such, any property included in your Will that is not in Ohio requires your Executor to file Probate in the state where the property is located.
What Other Estate-Planning Options Should I Consider?
If you are worried about your assets being subject to Ancillary Probate, you may want to explore other estate planning options. One option is to delay this process by including your spouse’s name on the title or deed of the property. This will name them as a joint owner and grant them survivorship rights. As such, the property will not undergo Probate, but will instead transfer immediately to your spouse. However, they will need to implement estate planning measures prior to their passing, as naming a co-owner simply delays Ancillary Probate.
Another option, often considered one of the most beneficial options for those looking to avoid Probate is to establish a Trust Fund. This is an estate planning tool that essentially removes assets from your estate, placing them in the ownership of the Fund. As such, when you pass away, the assets held in the Trust will not be subject to Probate, as they are not considered part of your estate, allowing you to completely bypass this process.
As you can see, Probate can be an incredibly complicated process to navigate, which is why it’s in your best interest to discuss your circumstances with an experienced estate planning attorney with Krause Law. Our firm understands how difficult these matters can be to navigate, which is why we will do everything possible to help you fight for the best possible outcome. Contact us today to learn how we can fight for you.
