If we just moved to another state but had a recent Trust drawn up while living in our former state of residence, is it still good or do we need to have another drawn up?
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If we just moved to another state but had a recent Trust drawn up while living in our former state of residence, is it still good or do we need to have another drawn up?
We are 93 and 80.
Asked on March 2, 2015 under Estate Planning, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
One state will honor the trusts (and wills) of another state provided that:
1) the trust or will was valid in the state in which it was created--that is, it complied with all the rules, formalities (such as of signing, execution, witnessing, etc.); and
2) there is nothing inherently illegal or against public policy in it (e.g. no leaving the money directly to the dog [though you can leave it to a person or institution to care for a pet]; no using the money to support terrorist organizations).
But as long as the trust was created properly and is not doing anything inherently illegal or against public policy, it should be honored.
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