Description
Learn about ancillary probate and best practices to avoid it in estate planning.Ancillary probate refers to the process of changing ownership of a piece of property in a state other than where a person lives and dies. More and more people are purchasing or inheriting property in another state to enjoy for vacations or to have ongoing rental income. Unfortunately, if a decedent lives in a different state, ancillary or secondary probate may well be needed to determine who inherits the property. This will certainly add costs and additional time to settle one’s estate and cause confusion and frustration, not to mention have impact upon taxes and potential creditors and perhaps even Medicaid planning. Sometimes ancillary probate is the only way to accomplish what the owner wants to occur after death. But for many individuals andor families, there are other options that can take place during the estate planning process that can avoid ancillary probate. This topic will help those advising clients in how to best title the deeds to their properties, the pros and cons of placing nonhomestead property in trust and what will be necessary to plan for in the event the final choice is to permit ancillary probate to occur.
Date: 2020-11-06 Start Time: End Time:
Learning Objectives