Estate Planning for Homeowners
For many people, their home is their largest asset. Estate planning, like homeowner’s insurance or home warranty policies, is an important tool for protecting this valuable asset.
Owning Real Estate In Idaho.
In Idaho, all real property, including your residence, has to go through probate unless you have a Revocable Living Trust. Probate is a judicial proceeding in which a judge supervises the disposition of a person’s assets after they pass. Not only do your heirs need to hire an attorney to take your estate through probate, they also have to wait several months to obtain ownership of your home.
Probate is also a public process, and anyone can petition the court to obtain information about the assets in your estate. A customized estate plan that includes a Revocable Living Trust allows you to pass your home to your beneficiaries without going through probate.
If You Own Real Estate In More Than One State.
If you own real estate in more than one state, it is especially important to have a customized estate plan in place. Without an estate plan, your heirs will have to hire an attorney and go through probate in every state in which you hold real estate (a process called ancillary probate). Not only is this a hassle, it can be very costly, especially in states such as California. Click here to read my recent blog post on ancillary probate.
By creating a Revocable Living Trust and transferring all of your real estate, wherever it is located, into your trust, you ensure that your estate does not have to be probated in multiple states, and that it will be distributed in an expeditious and cost-effective way.
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