Property in Other States

On May 11, 2011, in Cabin, Probate, Property, Trust, Wisconsin, by Joseph Trojack

Sometimes, an individual living in one State may own property in another.  For example, someone may live in Minnesota and own a cabin in Wisconsin.  What happens to this property during probate?

If someone resided in Minnesota and owned a cabin or vacation home in another State at the time of death, the personal representative will usually have to begin a probate proceeding in Minnesota and the other State. This typically involves retaining another attorney who is licensed to practice in the State where the property is located. Unfortunately, this usually means there will have to be two probates with two separate costs, expenses, and attorney’s fees. Under certain circumstances, property in Wisconsin can be transferred without another probate, but using an attorney licensed in Wisconsin might be necessary.

If properly drafted, a revocable living trust prevents the necessity of hiring an out-of-state attorney and starting a probate in another State. The trustee simply follows the trust’s instructions about what is to happen to the property. Hence revocable living trusts are often advantageous where an individual owns property in another State.

 

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