If you have the means, an out-of-state vacation home can enhance your life. You and your family and friends can relax, unwind, and have fun together when you have the opportunity, and you are making a good investment that can yield financial dividends.
At the same time, there is an estate planning consideration, and we will explain the details in this post.
Probate Process
When a will is used as an asset transfer vehicle, it is admitted to probate after the death of the testator. This is a legal process that takes place under the supervision of a court.
During probate, the executor will notify creditors, and they are given a good bit of time to come forward seeking satisfaction. The assets that comprise the estate will be identified and inventoried, and in some cases, appraisals and liquidation of property will be necessary.
The process will typically take eight or nine months to run its course if it is simple and straightforward and there are no complications, and the inheritors have to wait out. They do not receive anything while the estate is being probated by the court.
Probate records are available to the public, so anyone that wants to access them can find out how the resources were transferred. Some relatively significant expenses accumulate during probate as well, and this is another factor that makes probate less than ideal for the heirs to an estate.
Ancillary Probate
One probate process is problematic enough, and if you own property out-of-state that will be transferred through the terms of a will, ancillary probate will be necessary. This is an seminar page, and when you identify the session that works for you, follow the simple instructions to register.
Need Help Now?
Our doors are open if you have already decided that you should work with a Glastonbury, Connecticut estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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