So it is summer time and many folks are spending more and more time in the family vacation home. Family is really important to many of us, and we get to spend more time together during the summer.
I have been fielding a lot of questions lately on what estate planning concerns exist when one owns a summer home. The answer to the question is that if you are a Connecticut resident and own property outside of the State, your estate may have to go through ancillary probate in the jurisdiction where you own the property in addition to probate in Connecticut.
The good news is that for estates where probate occurs after January 1, 2011, the value of homes outside of CT will not be included in the calculation of probate fees. The bad news is that your estate may incur additional attorney and executor fees in the ancillary jurisdiction.
If you want to avoid these fees, pre-planning is necessary. You may want to consider using a Living Trust. If you would like a CT probate attorney to help you evaluate your options, click here to get our contact information.
We handle probate in Westport, Fairfield, Stamford, Trumbull and other towns and cities in Fairfield County as well as probate in New Haven and Hartford Counties.