{"id":11,"date":"2010-11-13T15:08:58","date_gmt":"2010-11-13T23:08:58","guid":{"rendered":"http:\/\/www.rbillingslaw.com\/blog\/?p=11"},"modified":"2011-10-27T09:40:09","modified_gmt":"2011-10-27T16:40:09","slug":"estate-planning-updates-for-the-fall-of-2010","status":"publish","type":"post","link":"http:\/\/www.rbillingslaw.com\/blog\/estate-planning-updates-for-the-fall-of-2010\/","title":{"rendered":"Investing in Real Estate in Other States Magnifies the Need for a Living Trust"},"content":{"rendered":"

Shopping for real estate bargains?\u00a0 Considering investing in real\u00a0property located across state lines?\u00a0 Already own homes in more than one state?\u00a0 I hope you have a living trust, and that each parcel is in the trust.\u00a0 If you want your heirs to avoid multiple probates, that is.<\/p>\n

A primary function of probate courts is to transfer assets from decedents to heirs.\u00a0 A living trust, also known as a\u00a0revocable trust, can enable the heirs to avoid probate.\u00a0 More about that here<\/a>.\u00a0 But even if probate is required, because for example there was no trust, the probate court in the state where decedent lived and owned a home does not<\/em> have jurisdiction over real estate located in another state.\u00a0 A separate probate court proceeding will have to be commenced and concluded in each separate state where property is owned.\u00a0 The solution to this multi-state nightmare is to put all of the real estate into a living trust.\u00a0 If done properly, each parcel can be managed and transferred by the designated successor trustee, and, if there are no disputes, without any court involvement.<\/p>\n

\"House<\/a>
\n\"Creative<\/a> photo<\/a> credit: chris.corwin<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Shopping for real estate bargains?\u00a0 Considering investing in real\u00a0property located across state lines?\u00a0 Already own homes in more than one state?\u00a0 I hope you have a living trust, and that each parcel is in the trust.\u00a0 If you want your … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,6],"tags":[9,159,8],"_links":{"self":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/11"}],"collection":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/comments?post=11"}],"version-history":[{"count":5,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/11\/revisions"}],"predecessor-version":[{"id":377,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/posts\/11\/revisions\/377"}],"wp:attachment":[{"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/media?parent=11"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/categories?post=11"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.rbillingslaw.com\/blog\/wp-json\/wp\/v2\/tags?post=11"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}