Estate Planning with 2 Homes in Multiple States

Estate Planning with 2 Homes in Multiple States

In Maryland, it’s not unusual for residents to own a second, out-of-state property, like in Florida. It may be a home or a condo at the beach that provides a place to escape the sauna-like summers. However, if you own homes in multiple states, the Probate court process can make it even more expensive when you pass away.

2 Probates, Really?

Estate Planning & Elder Law Attorney, Mindy Felinton says, “It’s twice as important to have an estate plan in place. If you don’t, everything you own, in whatever state you own it, will need to go through the probate process.” If you do not have an estate plan in place, you will need to go through the Probate process. In simple terms, the Probate process takes time, money and because the process takes place in court, your affairs are public!

Having a second home will only add to the headaches as an ancillary or secondary Probate process which will take place where the second home is located. Mindy states, “If you have no plan in place, there will be Probate in the state that you live and the other state where you own property, so you have double the work, double the cost and it’s just a lot of unnecessary paperwork, time & money.”

It’s Time to Take Action

You love your family, so don’t leave them with complicated estate issues that you could have addressed before something unexpected happened.

Do not wait! Make sure you have an Estate Planning and Elder Law Attorney like Mindy Felinton who can provide you with a comprehensive plan to avoid the Probate processes caused by owning multiple homes in multiple states. Contact her firm by calling her office in Maryland at (301) 610-0055 or her office in Florida at (561) 290-2179.