Benefit of Holding Real Estate in a Trust
When you live in an area that consistently ranks in the Top 10 of the Best Places to Live in America, it's no surprise that people flock here from other states. Many of those new North Carolinians are bringing with them property rights in other states because they choose to rent out the old homeplace instead of selling it out right.
If this is you....first of all, welcome to Our State.
Secondly, please take steps now to save your family the agony and frustration of dealing with probate courts in multiple states.
How do you do that? Use a revocable living trust!
Maybe you are a life-long North Carolinian. Guess what? This applies to you too because perhaps you own a home in Myrtle Beach, a timeshare at Disney, a log cabin in the Shenandoah Valley, or a condo in Illinois you use during the work week.
If these properties are titled in your name, then upon your death, your Executor will have to open up a probate file in each and every state where you own property. Not only is this insanely expensive (can you imagine paying court costs in multiple jurisdictions and having to consult with and hire a legal team across multiple states?) but it is also needlessly time-consuming!
Why subject your family to this when it can so easily be avoided?
Deeding your real estate to a Revocable Living Trust will allow your family to avoid opening up ancillary probate actions in other states. This could result in thousands of dollars of savings to your family! Don't you think they're worth it?