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What Happens When You Own Property in More than One State?

By March 7, 2012Estate Planning

Like many of our Arizona and New Mexico clients, you may live in one state and own real estate or tangible personal property in a different state. 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 after your death 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 an estate plan with one of our experienced estate planning attorneys.

What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100's of years of combined experience ensuring that families' assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. 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.

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