Perhaps you have a vacation home in Florida, or your aunt left you some property in Minnesota. Whatever the reason, it’s perfectly normal to own property in a state other than where you live. But what happens to that property when you pass away? Yes, it can be in your will, but being out of state means it must go through probate court in the state where it’s located. Clients often ask: Should I put my out-of-state property in a trust?
With a revocable (or living) trust, you can transfer ownership of most of your assets from yourself to the trust. You can be the trustee or assign someone else to handle the affairs. The revocable trust contains instructions regarding its distribution after your death. And the assets are distributed privately and without going through probate court.
Some benefits of a revocable trust are:
Once you have set up the trust, you must title all assets to the trust. That includes bank accounts, stock and real estate – including out-of-state property.
Suppose you live in Illinois and have a vacation home in Florida. When you die, you may want to pass the property to your children and can do so with a will or a trust.
The difference is that without it being in a trust, the real estate in Florida must go through Florida probate courts at the same time that the rest of your estate is going through Illinois probate courts. This means your loved ones must use their time and pay additional court and attorney fees to settle your estate.
Putting your out-of-state property in a trust will save your beneficiaries time, money, and headaches. It keeps everything in one place and one state.
A revocable trust designating a durable power of attorney is a powerful legal tool when they are used together. It can make things much easier for your loved ones to take care of your estate if you cannot or after you pass away.
When you work with an experienced trust attorney, they will help you establish a revocable trust for all assets and ensure it works with your power of attorney.
Call us for more information on establishing a revocable trust specifically designed for you. We can help you move all assets, including out-of-state property, in a trust. Contact one of our lawyers today and schedule an appointment at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties