Video Summary
What estate planning steps should I take if I own multiple properties or out of state property? Well, assuming the purpose of your estate planning is to try and avoid probate, you can set up a Trust and convey the property to your trustee, and then it will be controlled by the provisions of your Trust. Another way that we’ve done it, if you just have Florida property and you want the property go to certain beneficiaries outright, you can execute what they call a lady bird deed, which is an enhanced life estate deed, or you convey the property to the beneficiary, but reserve all the rights of ownership during your lifetime so that you can sell it and don’t need the joiner of the person who you conveyed it to. So those are some of the ways or the way you can do that if you convey the property to the trustee of your Trust for out-of-state property. Well, your trust should control the sale of that, so there is certain provisions you’d like. I suggest you put in deeds, particularly if you transfer it into a Trust, particularly as far as your homestead is concerned, so that you can continue to get homestead exemption and also certain powers that you put in there so that you don’t have to disclose or publish portions of your Trust which authorize you as trustee to sell the property. If you have any questions, give me a call at (727) 847-2288.