Legal Question in Wills and Trusts in Montana
Live and work in multiple states
My husband and I are thinking of creating a Living Trust and Living Will. We have a business and residence in one state and residence in another. We have children and grandchildren in both states as well as parents on one side in one of those states and parents on another side in yet another state that would all benefit from the trust/will. From what we have seen, we have to choose a specific state. What do WE do since we have multiple states?
2 Answers from Attorneys
Re: Live and work in multiple states
it is preferable that your estate planning documents be prepared and executed in the state which you consider to be your primary residence. once formed a revocable trust can hold property in multiple states and can name beneficiaries in other states.
what is important is that the estate planning documents be prepared by an experienced estate planning attorney who is also fully conversant with federal estate and gift taxes and California real property taxes.
please contact me if i can be of assistance.
Re: Live and work in multiple states
A living trust and other estate planning documents are created in the State in which you reside in. If you vote in California, file taxes in California and have California driver's licenses then you should prepare your estate planning documents in California and in accordance to California law.
To transfer property outside of California into your living trust, you can contact an attorney in the other state to help you with the transfer. The attorney that prepares your estate planning documents can also assist you with this.
I hope this helps.
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