There are many reasons to use a trust, revocable or irrevocable, as a part of an estate plan. One of the most frequent reasons is the avoidance of probate, particularly when real property is involved in multiple states. In the last 2 blogs, we have focused on updating savings bonds and financial accounts to avoid probate. Today we will focus on real estate.
When an individual owns real property (only name on the deed) and it is not owned by a trust and that individual passes, then in most instances, the real estate is subject to probate.
If a couple owns real property and it is not held “joint with rights of survivorship” or the equivalent and it is not held in a trust, and one of the owners passes (the “deceased”), in most instances, a portion of the real estate is subject to probate.
If the deceased owned real estate in multiple states, this typically requires opening a probate in the state in which the deceased was domiciled and opening ancillary probate in each of the other states so that the real property may be distributed either under the Last Will and Testament, if one exists, or under the laws of intestate succession.
One method of avoiding probate in one or more states is to retitle the real property into a trust. In doing so, the trust must be executed in a manner that it can hold real property in each of the states, and deeds should be drafted and recorded by attorneys in each state in which the real estate is owned that transfer that property into the trust.
If you are interested in working with a Georgia attorney to create a trust and assist you in funding the trust with your real property, call Grissom Law, LLC today at 678.781.9230 to schedule a time to meet and discuss your needs.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.