Avoid Multiple Probates When Owning Property in Multiple States

Was helping a gentleman put his estate legal program in place. He had an old olographic last will and testament but he knew his family would need to go through probate when he died, and he knew he had none of the incapacity legal planning in place.

He owned a home here in Louisiana. And he owned a property on the beach in Florida, and he owned some land in Mississippi. We talked about how, if he owned all of that property in his name when he died, his family would first go through the Louisiana Succession to get his Louisiana property and his investments transferred to them. Then, they would go hire a new set of lawyers in Florida to go through the Florida probate to get the beach property transferred to them - the Louisiana Succession does not transfer out of state real estate. And then, his family would be off to seek out Mississippi lawyers to go through a Mississippi probate to transfer the Mississippi property to the family. Three probates. Three sets of lawyers. Three delays. Three hassles.

We then discussed how he could set up one Living Trust, and transfer all of his properties from different states into the one trust.  Then, when he dies, his Successor Trustee or Co-trustees can immediately either sell the properties or transfer them out of the trust to the appropriate family members - all outside of any probate.

Owning property in several different states can be a good reason to create your trust, transfer your properties to your trust, and avoid all those probates. Probates in other states, when you lived in Louisiana, are referred to as "ancillary probates." You can avoid them by planning ahead the right way.

Paul Rabalais
Louisiana Estate Planning Attorney
www.RabalaisEstatePlanning.com
(225) 329-2450