Wednesday, June 9, 2010
Out of State Property & Wills
Yesterday, I spoke with a gentleman from Tennessee regarding wills and trusts. He owned property in Tennessee and Maine. After explaining to him the differences between wills and trusts, he fully understood why the trust make more sense. When you have property outside the state that you reside, a probate court procedure is required. For example, Sam owns property in Illinois and Florida. If he dies with or without a will, Sam must undergo probate court in Illinois and Florida. In contrasts, setting up an revocable living trust or living trust would enable Sam to avoid probate court and smoothly transfer the property to his beneficiaries without delay or court involvement.