Like a lot of Americans, you may live in one state and own real estate or tangible personal property in a second state. If you don’t have proper estate planning completed, the intestacy laws of two different states will determine who will inherit your property; and the end result may well be two different sets of beneficiaries. And what about property owned in three different states? Three different intestacy laws will apply and you’ll possibly end up with three different sets of beneficiaries.
According to the Wall Street Journal, the average cost of one probate is approximately 7% of the value of the total estate. For example, let’s assume I live in Arizona and own my home in Arizona; own a beach house in California; and own lake front property in Michigan. These three properties would cause three separate probates. And what about the costs involved? Each probate would have its own cost. These probate fees would be taken out of the total estate before distribution to any of the beneficiaries.
The only way to insure that your property will go to the beneficiaries of your choice, when you want them to receive your property, and in the way that you want them to receive it with the least possible delay and expense, is to create a proper estate plan.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- What Happens If Someone Passed Away without a Will or Trust? - December 1, 2022
- What the Proposed Treasury Regulations Mean for Deductions Under Internal Revenue Code Section 2053 - September 16, 2022
- Does Your Estate Have Sufficient Liquidity? - September 14, 2022
Leave a Reply