Legal Question in Wills and Trusts in Florida
If I create a living trust and then move to another state, do I have to rewrite the whole trust to meet the new state's requirements or can this be done by performing a revision of the existing trust?
3 Answers from Attorneys
If the trust is properly drafted, you do not have to rewrite the trust...
Not necessarily. If the trust was validly drafted in another state, it should be valid here in Florida. That being said, there are difference in the law in Florida, so you may want to have a Florida estate planning lawyer at least review the document for you. Regards,
I agree with my colleagues. You should discuss this with an estate planning lawyer to see if this would be to your advantage. Ask you lawyer about the long arm statute of the state you are moving to and the Florida long arm statute - this would relate to your taxes since Florida has no inheritance tax at the moment and there is the homestead exemption in this state which will dissolve when you move to another state to reside. The main thing you want to know is what will result in the taxes.