When a loved one dies, probate, or deciding who’s legally entitled to what, is often standard operating procedure. But if you need to go through probate in multiple states, it can be grueling and costly, unless you plan ahead. Snowbird -owned beach condos in Florida are a great example. When the owner passes away, the family will need to deal with probate in their loved one’s home state and could face ancillary probate here in Florida unless an irrevocable trust is established ahead of time.
“You actually have to take steps to avoid it, to avoid an ancillary probate. A little tiny deed put into a trust will completely avoid the need for ancillary probate in the state of FL.”
If you need direction on setting up an irrevocable trust, or general estate planning advice call Doane and Doane at 561-656-0200 or log on to doaneanddoane.com.