Legal Question in Wills and Trusts in Texas
Generation Skipping Trust
I moved from Texas to Arizona. Do I need to make any changes to my will or trust? Or, are the laws universal from state to state?
2 Answers from Attorneys
Re: Generation Skipping Trust
Laws are not universal from state to state. However, if you have provisions of your will or trust that were written under the Federal IRS Code, that will be effective in Texas. You better check it for difference in the state tax area.
Re: Generation Skipping Trust
If your Will and Trust were properly made and executed, then they are enforceable in AZ, however, Texas law will be applied in the administration of your estate and trust. The Federal laws apply in all states. State law differs from state to state, and in AZ, for example, there is no AZ inheritance tax, an estate is only subject to Federal estate tax.
You should counsel with an attorney and make sure that your Will and Trust are up to date, correct and that the provisions state what you want and that they will carry out your wishes. Remember, the provisions of the trust will be applied during your lifetime, and may come into play when you are incapacitated.