Cost and time are usually saved by passing ownership to out-of-state real estate by gift rather than by death.

Question

Quizplus · Accepted Answer

When a property is transferred by gift, it may be subject to gift tax, but it generally avoids the costly and time-consuming probate process that follows death. In contrast, transferring ownership through a will after death involves the probate process, which can be expensive and may take months or even years to complete. Therefore, passing ownership to out-of-state real estate by gift rather than by death can save both time and money.

Cost and Time Are Usually Saved by Passing Ownership to Out-Of-State