Estate planning for real estate purchase in another state

| Sep 17, 2018 | Development

If you are like many other people in Massachusetts, chances are that you have given more attention to planning an upcoming vacation than to planning your estate. However, estate planning is especially critical if you have completed a residential or commercial real estate purchase in another state outside of Massachusetts. Setting up a revocable living trust is a wise solution for addressing the estate and legal issues that can crop up when you have property in multiple states.

A revocable living trust allows you to dictate how your real estate properties are to be handled while you are alive and after you pass away. With this legal document, you can transfer your real estate into the name of the trust and then have a trustee manage the property on your or your family’s behalf. The benefit of this type of trust is that you can change it any time before you die.

Revocable living trusts in Massachusetts are convenient tools for real estate owners because they allow you to transfer any property you have throughout the United States both privately and quickly. This estate planning tool also helps you to avoid the lengthy and costly process of probate, a legal process used to transfer property following an individual’s death. Probate can be especially complicated when property exists in several states. However, if you transfer all of your properties to your trust, these properties no longer belong to your estate, so your surviving loved ones do not have to worry about them in probate.

Need help with a complex estate? We’ve been in the business for a century. Since 1918, the attorneys of Seder & Chandler have excelled at facing complicated and fast-moving legal issues, from complex corporate law, commercial real estate law, estate planning, to acting as counsel for law matters business and personal. Contact us today to learn how our combination of traditional commitments and adaptivity has given us a legacy of a 100 years.