Does a Revocable Living Trust Transfer from One State to Another?

If you previously worked with an estate planning lawyer to create a revocable living trust, make sure you stay on top of any edits to your plan that may be required when you move. Your trusts should primarily remain valid if you decide to relocate to another state. However, it is important to be mindful of state laws that could affect things like marital property.

If you intend to buy a new home, for example, you will need to transfer that asset into the trust. Revocable living trusts are some of the most powerful and popular estate planning tools because they provide additional control over asset disposition and shield these private assets from public scrutiny. This can also reduce the length of time that it takes to settle an estate and can save money when properly structured.

Every state across the country takes its own approach to inheritance related issues, but also views trusts as valid legal contracts. This means that you do not have to draft a new trust document if you move to a new state, but state law differences on inheritance and property should prompt you to review your trust documents. State laws vary considerably, such that a change in trust provisions may be required to ensure that your trust still accomplishes the same rules.

If you’re moving from states that have or to a state that does now have estate taxes on top of the federal estate tax, you may want to determine how this affects your estate plan, for example. Set aside a time to meet with a qualified estate planning lawyer in Virginia Beach today.

Should Tangible Personal Property Go into a Revocable Trust?

Many different kinds of assets can be appropriately placed inside a revocable trust in order to provide control, flexibility and privacy for how those assets are transferred to beneficiaries.

Tangible personal property such as clothing, jewelry, personal papers, computers, books and household goods can be included in trusts, but might be more appropriate as part of a pour over will. In a pour over will, your executor will transfer personal property such as a vehicle into your trust at the time of your death.

This means that transferring into a revocable trust might still require probate, but it greatly simplifies the probate process if there are just a few assets moving into your trust. In some states, bear in mind that a motor vehicle in an individual’s name cannot be transferred without going through probate.

Make sure that you carefully consider some of the unique prospects involved in your personal estate planning strategy. The support of an estate planning attorney is instrumental in helping to recognize some of the core issues in transferring your own estate and in recommending the best kinds of strategies aligned with your personal needs. You may use some combination of a will, a living trust and other estate planning tools to accomplish your goals and to protect your primary interests.

When you meet directly with a Virginia Beach, Virginia estate planning attorney, you can determine which strategies and documents align best with your personal estate planning goals. This makes it much easier to determine your next steps.