Own a property in different state than I live in

[kevina]

What is the name of your state (only U.S. law)? MA

Hi, I live in Massachusetts but I own a rental property in Rhode Island. When I'm filling out a will to leave my Rhode Island property to a beneficiary do I only need to fill out a Massachusetts will or do I have to do both Massachusetts and a Rhode Island will?

 

[HappyWanderer]

One will. Best to use the law of your residence state as that is where primary probate will be. There may need to be ancillary probate in the other property's state, so it wouldn't be a bad idea (but not necessary) to have the will ALSO follow the rules from there.

 

[anteater]

Trustuser may have to call 911 (since I am not a big advocate of living trusts for most people in most states)...

But, this is a case where the costs/benefits of creating a living trust for the out-of-state property certainly deserve investigation if you reasonably believe that you will continue to own that property until you pass away. It would save the time and expense of having to do that ancillary probate in Rhode Island.

 

[TrustUser]

hi anteater,

i knew that you weren't as big an advocate of trusts as i am, but i did not know that you leaned towards not having trusts in most states.

that surprises me.

we could discuss the costs of probate in each state. but that is just one issue.

living trusts become irrevocable, once the grantor dies. and if the proper language is in the trust, then those assets can not be penetrated by creditors of the beneficiaries, with a very few exceptions. i think the irs may be one of them - LOL.

few people that i talk to are aware of the option of keeping assets in trust, as opposed to simply distributing them to the beneficiaries.

you cant get that with any will, unless the will sets up a trust - which in that case you may just as well have created the trust, to begin with.

and of course, privacy issues as well.