Avoiding Ancillary Probate Administration
If you own property in another state besides your state of residency, it’s important to understand the potential complications that could arise after you pass away. One of these complications is ancillary probate, a separate probate process that is required in each state where you own property.
Ancillary probate can be a costly and time-consuming process, and it can also cause significant delays in the distribution of your assets to your heirs or beneficiaries. Here are a few reasons why avoiding ancillary probate is important:
Increased Cost: Ancillary probate can be a significantly more expensive process than traditional probate, as it requires separate court fees, attorney fees, and other costs in each state where you own property.
Time-Consuming: The ancillary probate process can take months or even years to complete, causing significant delays in the distribution of your assets.
Duplication of Effort: Ancillary probate requires duplicate efforts, as your estate must go through the probate process in each state where you own property. This can be a confusing and frustrating process for your heirs and beneficiaries.
Conflicting Laws: Different states have different probate laws and regulations, which can lead to conflicts and disputes over the distribution of your assets.
Our team of estate planning experts can help you avoid ancillary probate. Here are a few suggestions to avoid ancillary probate:
Create a Revocable Living Trust and transfer your property to it, avoiding probate in any state.
Name Beneficiaries on accounts such as life insurance policies or retirement accounts to help to avoid probate in any state.
Consider a Pour-Over Will as part of your revocable trust plan to transfer any assets left in your name at death to your revocable trust.
In conclusion, if you own property in another state besides your state of residency, it’s important to understand the potential complications that could arise during the probate process, including ancillary probate. By taking steps to avoid ancillary probate, you can ensure that your assets are distributed smoothly and efficiently to your heirs or beneficiaries.
Contact our office today to meet with one of our estate planning attorneys about avoiding ancillary probate.