So you just bought a vacation home in Colorado? Congratulations! Now, it’s time to consider how this affects your estate plan.
One of the most effective ways to manage your Colorado home is to place it in a revocable living trust. Property held in a revocable living trust generally bypasses probate, meaning that the property can be distributed without requiring ancillary probate. Additionally, while alive, you continue to maintain control over your property. You can sell, lease, or manage it as you normally would.
Another option for your out-of-state home is to add a joint owner. If appropriate for your situation, this method can facilitate a smoother transfer of ownership.
Joint Tenancy with Right of Survivorship automatically transfers ownership to the surviving joint tenant if one passes, potentially avoiding the probate process. While joint ownership can be beneficial, it means the other owner has equal rights to the property.
Another option for managing your out-of-state property is a transfer-on-death deed. While, this is only allowed in certain states, it allows your to designate a beneficiary who will receive your property directing upon your passing, avoiding probate. Georgia allows the transfer-on-death deed.
Property ownership laws change over time as do your wishes and intentions for your new property. Ensure you are periodically reviewing your estate plan and new laws.
While managing your new property may seem complex, the right strategies can simplify the process for heirs.
Contact us today at (404) 409-5665 or jim@FletcherEstatePlanning.com to get started.
