Own Property in Another State? This can Help.

A revocable living trust allows you to manage your assets, which can include cash, investments and real estate, while you are still able, and to have a trustee manage your money if you become unable to do so and after death. Trust assets pass to your beneficiaries at death outside of probate.

If you own property in another state…
Many New Yorkers own real estate or second homes in places such as Florida, Pennsylvania, and Massachusetts. In New York, if someone dies with a piece of real estate in a different jurisdiction, a second probate will need to take place in order for the New York Executor to gain legal authority over the real estate in the other jurisdiction. This process can be costly and time consuming, and creates another layer of work, time, and expense for the family.

A revocable living trust that owns all of the client’s real estate, wherever situated, helps avoid the need for an ancillary (secondary) probate and therefore, streamlines the administration process and reduces costs and stress. It can be an excellent estate planning option for many.

There are a wide variety of trusts that can be utilized to help pass your estate to your loved ones. We can help identify the one that is best for you. This is our specialty. If you need any elder law services, including estate planning, trusts, and  probate issues, please email us.