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Is my irrevocable trust still valid if I move to another state?
Wiki User
∙ 15y ago
Your trust is assumed to be valid in the state where the trust document was drafted but it may not be valid in another state. Before you transfer any property in your new state to the trust you should have the trust reviewed by an attorney who specializes in estate planning and trust law in the state where you plan to move. For example, I have seen numerous trust documents in Massachusetts that were intended to hold title to real estate and that failed under Massachusetts law. Specifically, they each named the trustor, trustee and beneficiary to be the same person. In Massachusetts, no trust would be created in that situation thus the trust would fail. Title to the property remains in the grantor. Due to the number of these trusts I have seen, most showing out of state notaries, I assume them to be valid in some jurisdictions. In legal matters you should always seek the advice of an attorney who specializes in the particular area of law that governs your issue.
Wiki User
∙ 15y ago
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How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
Can the grantor of an irrevocable trust include his/her last will & testament in his/her irrevocable trust?
You might check your state laws. Here is some good information: http://www.willtrust.com/trusts.php
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
How can a irrevocable trust be undone?
By their very nature an irrevocable trust is very difficult to "undo". You need to consult with an attorney who is an expert in trust law in your state and also an expert in federal tax laws. You can gain some background regarding the difficulty of disabling irrevocable trusts at the link below.
Can you move stock from an irrevocable trust to another trust?
Yes. All you are effectively doing is making a name change.
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
Can an irrevocable trust be changed by the trustor?
In general, irrevocable trusts cannot be changed by the trustor once they are established. These trusts are designed to be permanent and the trust assets are no longer considered part of the trustor's estate. However, some irrevocable trusts may include provisions that allow for certain changes to be made under specific circumstances.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
How can you desolve an irrevocable trust.?
To dissolve an irrevocable trust, you typically need the consent of all beneficiaries and the trustee, as well as court approval in some cases. Additional requirements may vary depending on the specific terms of the trust and applicable state laws. It is advisable to seek the guidance of an attorney specializing in trusts and estates to navigate the process successfully.
