Can Out-of-State Property Go Into an Idaho Trust?
Owning property in other states is an excellent reason to establish a Family Trust.
Here’s why: When an Idaho resident passes away without a trust, the heirs and family members suffer the time and expense of going through the probate process. But, if that person also owned real estate in other states, the Idaho executor must then repeat a similar process in each state where real estate is owned. The costs and delays of probate can accumulate substantially.
On the other hand, setting up a Family Trust avoids the need for probate in Idaho. And, as long as all of the out-of-state real estate was deeded into the name of that Family Trust, it also avoids the need for the ancillary probates in each of the other states.
The net impact of this is two very good outcomes: (1) The Family Trust avoids probate in Idaho; and (2) The trust also avoids the duplicate probates in all the other states.
So, we encourage clients who own real estate in other states to seriously consider the use of a Family Trust to avoid all of the messy and expensive probates that await their loved ones in the absence of a trust.