The NWI Times recently published an article explaining the complexities and expenses associated with ancillary estates, which can be necessary to dispose of real property located in another state.
Proper estate planning in New York can alleviate the need to go through the probate process in multiple states, which can be expensive, time consuming and public. An experienced New York City probate attorney can assist a client in establishing a trust or otherwise working to bypass the probate court process.
As we discussed on our New York Probate Lawyer Blog, there are a number of advantages to bypassing the probate court process. One of those is to circumvent the need for ancillary estates. Probate is a state process. And as such, it does not cross state lines. A resident who lives and died in one state, and has real property in another, must enter the probate process in both states. Unless he or she invests in the proper estate planning.
By putting out-of-state property into a trust, you will be able to transfer it upon your death without the need to go through the probate process in either state. The savings of time and money can be quite substantial and you will also enjoy the privacy that comes with property and asset transfers outside probate.
There are a number of issues to consider, not the least of which is taxes. And, in states like Florida where homestead exemptions and property appreciation caps are in place, there may be significant tax implications to making a property transfer.
By planning ahead, you can be assured that your wishes will be carried out at the time of your passing, and that your heirs will not be saddled with unnecessary court proceedings, taxes or estate headaches.
New York City Probate Attorney Jules Martin Hass handles all types of probate cases, including Wills, estate planning, estate settlement, advanced directives and guardianship matters. Please call me at (212) 355-2575 for a free consultation to discuss your rights.