Owning Real Estate Outside of Tennessee
Regularly I work with clients who own real estate in Tennessee and another state. This is a very important fact that you want to make sure your estate planning attorney knows. “Out of state real estate” includes everything from that beach mansion in California to a small, empty plot of land in the Mid-West. Did you know that without proper planning, your heirs will have to do a probate proceeding in Tennessee and that other state? Real estate outside of Tennessee cannot be transferred through Tennessee probate proceedings.
Thankfully, there is an easy way to prevent this hassle. The most common way that this is avoided is by placing the property in a Trust. Through the use of even a simple Trust, your family can usually avoid this (depending on the laws of the other state involved). At Tressler & Associates, PLLC, we can build the Trust that suits your needs and 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 and unfortunately that can leave your heirs with a mess on their hands.
Even if you do not currently own a piece of real estate outside of Tennessee, but plan to in the future, this is a technique that can often be started in advance of the purchase. We can build the Trust so that it is ready to receive that second piece of real estate whenever you make the purchase.
One of our goals is to make the transition of assets to your heirs as seamless as possible. Contact us to discuss how we might be able to do that for you.
If have a question or concern please contact us about any communication you have received asking for payment. Or any other legal matter feel free to email us or call.
CONTACT AN ATTORNEY or CALL US: 615.444.2345
Commercial real estate property can seem simple from the outset. It’s a piece of property you use to run a…Continue reading