Now that is Summer – we think of our vacation homes. Today in our article, we will talk about the importance of having a Trust when owning property, whether a vacation home or just real estate in general, outside of Texas.
If you own Property outside of Texas
Did you know that even if you own property outside of Texas at the time of your death, your loved ones need to go through the probate process in EVERY state where your property is located?
Personal or Real Property?
As you go through the list of assets, they are either personal or real property. Personal property will include personal itens of value and bank accounts. So real estate and vacations home will be listed as real property. If at the time of passing, you are a resident of the Dallas County, probate will need to happen here. BUT, if you owned land or property in another state, for instance, Arkansas, your loved ones will need to find an attorney in the county in which the property is located for the probate process, in addition to their residential county.
Is there a way to avoid probate in another state?
To avoid the headaches of going through probate in multiple states other than Texas, it is highly recommended the creation of a Revocable Living Trust, also known as RLT. An RLT will eliminate the need for private in the state(s) where other real estate property is located.
Potential Problems doing Probate in Other States
Some states may have a smooth probate process, but others do not. Probate can be very expensive, confusing, and time-consuming in many states. For protection of your vacation home outside of Texas, we recommend considering a Revocable Living Trust. If you or a loved one needs assistance with their Estate Planning, contact one of our lawyers today at (469)-988-4529.