Yesterday, I met with a couple in Metairie who wanted to avoid court supervised probates after each spouse died because they knew multiple probate procedures would create a lot of unwanted stress for the family. We are setting up a Louisiana Revocable Living Trust to accomplish this goal. By creating a Trust that will remain in place even after each spouse dies, we are allowing for the family to access and transact all of the family’s property immediately without the need for court involvement. Without a trust, many of the family’s assets would be essentially frozen after each spouse dies, and the family would be forced to endure two probates and all the costs, delays and headaches that come with hiring an attorney and taking the estate to court.
This couple’s assets included their home, some investment accounts, and a condo in Georgia. During the meeting they asked, “what about that property in Georgia, does it need to go into a trust and if so, can it go into the Louisiana Trust?” To answer both questions–yes!
When you own out-of-state property, setting up a trust to avoid probate is even more attractive because property in other states will need to go through a separate procedure known as an ancillary probate in the other state. This ancillary probate just adds to the cost, delay and stress involved in probating your estate.
Even though your trust may be formed in Louisiana, it can own property throughout the US and avoid probates in all states. You will not need a separate trust for your out of state property. Your management and rights with respect to all property in your trust will not change when moving those assets into your trust. However, you will avoid multiple probates when you make sure both in-state and out-of-state property make it into your Louisiana Revocable Living Trust.
If you have out-of-state property, creating a living trust to avoid probate is even more imperative. To discuss how a Trust can simplify everything for your family, call (504) 274-1980 in the Metairie and New Orleans Area or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma, Thibodaux, and surrounding areas.