Full question:
I setup a living trust in California in the 70s or 80s. Will it be honored now that I live in Arizona, or do I need to have it updated to reflect that I am an arizona resident now?
- Category: Trusts
- Date:
- State: Arizona
Answer:
Generally, another state will enforce a trust made in another state as long as it doesn’t violate the laws of the home state. A change of residence alone will not invalidate a trust. While it may be honored, you should update the trust to avoid any future disputes if any information in the document is outdated. A trust should be periodically reviewed to make sure that the information is still current, the assets, beneficiaries, etc. haven’t changed.
In order to make changes to a revocable living trust, a person may sign a Trust Amendment or sign a complete Trust Restatement. A trust amendment changes specific provisions of a revocable living trust but leaves all of the other provisions unchanged, while an amendment and restatement of Trust completely replaces and supercedes all of the provisions of the original revocable living trust. When new property is added to a trust, a property deed is filed, showing the transfer of the property to the trustee.
For further discussion, please see:
http://wills.about.com/od/overviewoftrusts/a/trustamendment.htm
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
