When it comes to estate planning, many of us have heard about the probate process and how to effectively plan to avoid it.
Did you know, however, that there is a particular type of probate proceeding called ancillary probate that your estate may still be subject to?
Ancillary probate is a probate proceeding that is required if you own real property, livestock, mineral rights, or other assets that are attached in another state. This type of proceeding is required in addition to a primary probate proceeding that takes place in your home state.
To help better inform you about this proceeding, let us share with you a few tips you need when it comes to ancillary probate.
1. A last will and testament can only cover your in-state property.
When preparing your estate plan, you may consider creating a last will and testament to detail your wishes for the distribution of your assets after death. It is critical to know, however, that a last will and testament only has the legal authority to cover any in-state property you own. If you own any real property in another state, a last will and testament will not cover those assets.
2. Certain trust agreements can cross state lines.
Did you know that particular types of trust agreements can cross state lines? This is true, so long as the property is titled into the trust, it can govern your out-of-state property. Further, the creation of certain trust agreements can help keep your assets out of ancillary probate proceedings and provide you with some peace of mind.
3. Do not wait to talk to your estate planning attorney.
Above all, remember that there are no uniform laws when it comes to ancillary probate. Different state rules apply for different states, so it is imperative that you discuss any out-of-state property you own with your local estate planning attorney. Further, if you acquire new property outside of your home state or are contemplating a move in the near future, do not wait to talk to your estate planning attorney so he or she can effectively plan for the protection of your assets.
We know that ancillary probate can be a difficult topic to understand. These are just a few tips you need when it comes to ancillary probate proceedings. If you are ready to discuss your estate plan further, do not wait to contact our office to set up an appointment.