Why is Estate Planning Important if You Own Property in Multiple States?
Cincinnati estate planning lawyers will provide help with the creation of an estate plan that is appropriate for your specific financial situation and that provides you with the necessary protection. Making an estate plan is important for everyone, but if you own property in multiple different locations, this ownership can make it even more essential for you to work with an estate planning lawyer in order to make an appropriate plan for what will happen to your property after you pass on.
Zimmer Law Firm offers assistance to individuals who own property in Ohio, as well as for Ohioans who own property in locales throughout the country. We know the challenges that can arise when someone passes away with property owned in different locations and we can explain to you what possible issues could arise for your heirs or beneficiaries based on the assets that you own. We can also help you to address any issues that could arise due to your death in order to protect all of your wealth and in order to make life easier for the people who you plan on leaving an inheritance to.
To find out more about how Cincinnati estate planning lawyers can help if you own property in multiple states – or to find out why it is so important for you to make such a plan – give Zimmer Law Firm a call as soon as possible.
Why Estate Planning is Important For Owners of Property in Multiple States
Estate planning is important for any property owner, as a plan can be created to ensure that desired heirs or beneficiaries are actually the ones to inherit the property. Without a plan, intestacy law will determine who the property is transferred to after a death. The person who inherits under intestacy law may not be the individual whom the deceased property owner would have preferred to inherit the property.
If property is owned in multiple different locations, making an estate plan becomes even more important than if you just own property in one locale. When you do not make a plan to transfer your assets, then it is likely the probate process will be the process that is used to facilitate the transfer of ownership from the deceased to the new owner. The probate process takes place in the location where property is owned.
If you own property in multiple different locales, probate proceedings may be necessary in multiple locations so that each of the different properties can transfer to new owners. This will make the entire asset transfer process much more difficult, much more expensive, and much more time consuming. If you want to avoid the need for supplemental probate proceedings in all of the different places where you own property, you need to make an estate plan so your property can transfer outside of probate.
If you own property in different locations, this can also create other kinds of confusion and problems for heirs or beneficiaries as well. For example, the estate tax rules of each different state could apply to the property. Other state-specific tax rules could also be applicable, depending upon the value, the type of property, and the state where the property is owned.
You need to know what the rules are for the states where property is owned so you will know what kinds of tax planning you need to do in order to make sure your chosen heirs or beneficiaries don’t lose a substantial portion of their inheritance to estate tax. Zimmer Law Firm will work with you to identify the rules that could be applicable to the transfer of your property in different jurisdictions throughout the United States and our firm can help you to avoid the problems and complications of owning property in different states at the time when you pass away.
Getting Help from Cincinnati Estate Planning Lawyers
Zimmer Law Firm can provide you with comprehensive assistance in making plans to transfer your assets outside of probate, in making plans to transfer assets in a timely manner, and in making plans to transfer your assets without your estate having to pay estate tax or your heirs or beneficiaries having to pay inheritance tax.
To find out more about the many ways in which an experienced attorney can assist you with protecting your property through the creation of a comprehensive estate plan, join us for a free seminar. To get personalized help from experienced Cincinnati estate planning lawyers, give us a call at 513.721.1513 today.