Owning Out-of-State Real Estate
The attorneys at Tressler & Associates regularly work with clients who own out-of-state real estate. Owning real estate outside of Tennessee drastically affects estate planning, so it’s always something we ask new clients if they have.
There are several laws to consider when clients own real estate outside of Tennessee. You have to contend with Tennessee’s and the other state’s estate planning laws. You should always make sure your estate planning attorney knows every state in which you hold property.
What is Out-of-State Real Estate?
“Out-of-state real estate” includes everything from a beach mansion in California to a small, empty plot of land in the Midwest. Did you know that without proper planning, your heirs will have to do a probate proceeding in Tennessee and any other state you own property in? Real estate outside of Tennessee doesn’t transfer through Tennessee probate proceedings.
Thankfully, there is an easy way to prevent this hassle. The most common way to avoid multiple probate proceedings is by placing the property in a Trust. By using a simple Trust, your family can usually avoid probate proceedings. Sometimes, the laws of other states don’t allow it.
Why Do You Need An Estate Planning Attorney?
At Tressler & Associates, PLLC, we can build a Trust that suits your needs. We can also draft the deed necessary to place your Tennessee real estate into that Trust. Then, we will work with attorneys in the other state to transfer the rest of your real estate into the Trust. As simple as this process is, it is rarely done. Without it, you risk leaving your heirs with a mess on their hands.
Even if you do not currently own a piece of real estate outside of Tennessee, consider this technique. You can start creating a Trust in advance of a purchase. We can build the Trust so that it is ready to receive that second piece of real estate whenever you make the purchase or not.
One of our goals is to make the transition of assets to your heirs as seamless as possible.
Contact the Estate Planning Attorneys at Tressler & Associates
For assistance with passing down out-of-state real estate, our estate planning attorney at Tressler & Associates has the experience to help you. This is a complicated process for anyone without the necessary experience to complete it. We’ll make sure that after you pass, your family will not have to deal with multiple probate proceedings. Contact us for help today.
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