Question: My wife and I live in Texas and own a second
home in North Phoenix. We have a revocable living trust that was
prepared by our attorney in Texas. We have transferred our Texas
home and most of our assets into this revocable living trust.
Can we also transfer our second home in North Phoenix into our
revocable living trust?
Answer: Yes. A revocable living trust can be the owner
of real property in several states. This multiple ownership of
real property is a major advantage of a revocable living trust.
If there is no revocable living trust and real property is owned
in more than one state, there will generally be a requirement
of ancillary probate in those states. On the other hand, real
property in more than one state which has been transferred into
a revocable living trust can simply be distributed pursuant to
the terms of the revocable living trust.
