Now that we have been enjoying the summer months, many people are spending time in their vacation homes. It is great to be able to get away from the grind and spend quality time with your family and friends. Plus, you make a good investment when you purchase carefully selected property.
From an estate planning perspective, you have the ability to pass the home along so family members can continue to reap the benefits. However, if the vacation home is going to be part of your estate, you should consider the potential impact of ancillary probate.
Transfers Through the Terms of a Will
If you use a will to state your final wishes regarding the distribution of your estate, it will be admitted to probate. This is a legal process that takes place under the supervision of a court. The executor that you name takes care of the hands-on tasks, and the court will preside.
During probate, final debts are paid, and the validity of the will is confirmed if everything is in order. Meanwhile, the executor will identify and inventory the assets, and they will be prepared for distribution to the heirs.
All of this is time-consuming, and the exact duration will depend on the relative complexity of a given estate. The best case scenario is about nine months from start to finish, and no inheritances are distributed during this interim period.
Probate expenses consume a portion of the estate, and this is another negative. Plus, probate records can be accessed by interested parties, so there is a loss of privacy.
Ancillary Probate
The probate procedure would take place in Connecticut if you were a resident of our state. One probate process is more than enough, but the situation is magnified if a vacation home is part of your estate.
If it is located in another state, there will be a second ancillary probate seminar schedule page. When you identify the session you would like to attend, please follow the instructions to register so we can reserve your seat.
Ready to Act?
Our doors are open if you are ready to take action. Each situation is different, and they are nuances like the matter of out-of-state home ownership. When you choose our firm, we will provide personalized attention. At the conclusion, you will emerge with a custom crafted plan that is ideal for you and your family.
You can send us a message through our contact form to request a consultation with a Glastonbury estate planning lawyer, 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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