If I move to a different state do I need a new living trust?
Is a living trust executed in Michigan still good after my move to Alabama and can the original trust just be changed or is a new trust necessary? Thank you.Question:
We had a Living Trust written in 1997 when we were residents of California. Now that we have moved to Arizona is that trust still valid? Answer:
Hi Linda, one of the benefits of a living trust as opposed to a will is that generally a living trust can move with you to a different state and generally be accepted there.
However, there are several good reasons to get a new trust in your new state. First of all, institutions in your new state may be reluctant to honor an out-of-state trust. They just won't be familiar with it and unsure about it. It will have some different language and maybe different execution requirements. So, you and/or your trustee might have an easier time with a trust executed in your new state.
Also, as you acquire property in your new state it will need to be titled in the name of the trust (if you want it there) and so, it makes sense if you are going to do a new trust to do it now.
Finally, it's a very good idea to update your estate planning documents at least every 3 years or so as things in your life change. This is especially true after a move.
So, I'd definitely say it would be a good idea to at least have a local attorney look over the trust document (and other estate planning documents you have) to see if any changes are advisable.