If we have a 17 year old Trust and have just moved to another state, should we amend/update or have a new Trust drawn up?
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If we have a 17 year old Trust and have just moved to another state, should we amend/update or have a new Trust drawn up?
How much on average should we spend for both? Any other way to go?
Asked on January 17, 2016 under Estate Planning, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
A Trust that was properly executed in your former state of residence would be valid under the laws of your new state of residence. However, since the laws of all jurisdiction differ, it makes sense to have your Trust reviewed by a local lawyer. Provisions that do not comply with your current state's laws could have unintended consequences. Additionally, since the Trust was drawn up 17 years ago, it more than likely needs updating due to changes in life circumstances, etc.
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