What should I do with my revocable trust if I move to another state?
If you move to a new state while you are serving as a trustee or if you are a beneficiary of a trust that was created in another state, there are a few things you may need to consider:
- Determine whether the trust is governed by the laws of the state where it was created or the state where you now reside: Trusts are generally governed by the laws of the state in which they were created, unless the terms of the trust specifically provide otherwise. However, some states have adopted the Uniform Trust Code (UTC), which allows trusts to be governed by the laws of the state where the trustmaker was domiciled at the time the trust was created.
- Consider whether the trust needs to be “re-domiciled” or “qualified” in the new state: If the trust is governed by the laws of the state where you now reside, it may need to be “re-domiciled” or “qualified” in that state. This process involves filing certain documents with the court and may require the appointment of a new trustee or the submission of periodic reports to the court.
- Review the terms of the trust and any applicable state laws: If you are serving as a trustee or are a beneficiary of a trust, it is important to review the terms of the trust and any applicable state laws to ensure that you are complying with your duties and responsibilities. You may want to consult with a lawyer or other qualified professional to help you understand your rights and obligations under the trust and the law.
Moving to a new state can have significant implications for trusts and trust administration. It is important to carefully consider your options and seek professional advice if necessary to ensure that you are complying with your legal duties and protecting your interests.