Attorney Thomas B. Burton discusses how a Revocable Living Trust can hold title to property in different states, helping you to avoid multiple probates in multiple states and also discusses how to get property in one state into your trust formed in another state.
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Transcript of Video: How Can a Trust Own Property in Multiple States?
Today's question has to do with a trust
owning property in multiple states or
how can a trust own property in
multiple states I recently got a call
from a potential client who lives here
in Wisconsin in the summer but lives in
Florida for six months in the winter she
met with a Florida Attorney who told her
she could form a Florida trust and
transfer both her Florida residence and
her Wisconsin residence into the trust
that's correct and it is one of the great
things about the trust I explained to
her that this would help her avoid
probate in two states instead of dying
with the will and leaving a probate
estate in Florida for her house there
and another probate estate in Wisconsin
for her home here she can form this
Florida trust and deed both properties
into the name of the trustee holding the
property on behalf of the trust that way
she avoids both a probate in Florida
and in Wisconsin easing the
administration of her estate following
her death her question for me was how
she would do this I advised her to wait
until she has that Florida trust formed
then give me a call and I'll help her
transfer her Wisconsin property via deed
into the name of the trust it can be
done the same in reverse if you had a
Wisconsin trust and wanted to put a
Florida property in and that's the great
thing about revocable living trusts
they're a flexible way to avoid probate
in many states. Great question and thanks
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Transcript and captions provided for ease of access for the hearing impaired.
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