Question: My wife and I have lived in California our entire lives. My wife recently passed away. Although I want to keep our home in California, I would like to buy a second home in North Phoenix. Should I buy the home in North Phoenix with some type of trust?
Answer: Probably. You should contact an attorney who specializes in Trusts and Estates. In general, if an individual owns a home or other real property in two or more states, a revocable living trust should be considered. The reason is that, if your home or other real property in two or more states are conveyed into a revocable living trust, upon your death there may not be the necessity for probate in any state because your assets will be distributed under the terms of your revocable living trust. Otherwise, your heirs may have to go to probate court in two or more states to get approval for the distribution of your home or other real property in each state.
Note: Your revocable living trust should generally be accompanied by a “pour over will.” Your “pour over will,” upon your death, “pours over” into your revocable living trust any real or personal property not transferred into your revocable living trust during your lifetime.