Whether you own a vacation cabin on a lake in Montana or a rental property in Alabama, owning multiple properties is something that many work for, regardless of whether it’s for personal use or to generate additional income. However, when planning for the future, you may not know how to include these properties in your will. Unfortunately, the process isn’t as simple as listing them like property owned in Florida. As such, if this represents your circumstances, you’ll want to keep reading to learn the important steps in this process to protect your property. You’ll also discover the importance of discussing your circumstances with Tampa wills lawyers to learn more about your options.
Can I Include Property Held in Multiple States in My Will?
Before considering how to include property in other states in your will, it’s critical to understand that if your will is valid in one state, it is generally considered valid in all states. However, you should be aware that state-specific language may be used that can impact how assets are distributed among your beneficiaries.
As such, when you pass away, your assets will go through a probate process. This essentially allows the courts to validate your will and oversee the distribution of property in accordance with the terms and conditions. Generally, all estates can be subject to probate.
If you wish to include assets held in other states in your will, you’ll need to undergo a process known as ancillary probate for each state. Essentially, this is a process in which your executor must file probate in a state that is not your “domicile” or primary residence. Not only can this be stressful, as your executor must oversee additional probate processes, but it can also delay how soon your loved ones are able to receive the property you’ve left for them
Are There Other Estate-Planning Options I Should Consider?
If you do not want to go through ancillary probate in the other states where your property is held, you’ll want to explore other estate planning options. One choice is to include your spouse on the title of the property, as this grants them joint ownership and subsequent survivorship rights. However, you should note that while this will not go through probate upon your passing, as the property will transfer directly to your spouse, your spouse will then be responsible for making arrangements to avoid ancillary probate.
However, you may also want to consider creating a trust fund. This option allows you to avoid probate by removing the assets from your estate and placing them into the trust. As such, upon your passing, the assets held in the trust will not be considered part of your estate and thus are not subject to probate.
As you can see, including property from multiple states in your will can be an incredibly complicated process. That’s why our dedicated legal team at Tampa Law Group will do everything possible to help you navigate this process so you can have peace of mind that all of your property will be cared for upon your passing. Contact us today to learn how we can assist you through these difficult matters.
