How Do I Update My Trust When I Move To A New State? Shelly Joyner, Associate Attorney

How Do I Update My Trust When I Move To A New State? Shelly Joyner, Associate Attorney

Trusts—as opposed to wills—are more like contracts and are designed to not have to be proven in court. If they don’t have to go to court, then they generally don’t have to adhere to a particular state’s laws. However, there are some exceptions, particularly:

  1. If you’re moving to a state that has an income tax from a state that doesn’t (or vice versa), you might want to update some of the provisions in your trust.
  2. If you’re moving to a state that has inheritance tax from a state that doesn’t (or vice versa), you might want to update some of the provisions in your trust.
  3. If you’re moving to a community property state from a state that is not (or vice versa), you might want to update how your property is defined and distributed.

If there are changes that need to be made to a particular provision of your trust, most of the time this can be done with an amendment to your trust, so that you can tweak it without having to throw it all out and start from the beginning. 

You should make sure that any new assets you acquire in the new state (particularly, a new house) are purchased the name of the trust. The same is true for bank accounts. It is best to establish new bank accounts in the name of trust. If you forget title new assets in the name of the trust, make sure that they’re retitled or have the trust as the payable on death beneficiary.

It should also be noted that, often, ancillary documents (like Power of Attorney or Medical Authorizations or guardianship) are created with trust packages. If you have Power of Attorney documents created in a state other than Texas (or created in Texas prior to 2014), you will probably want the new type that was established to be statutorily uniform by the Texas legislature. Other ancillary documents might need to be Texas-specific to avoid confusion while you live here in Texas. If you have any questions as to whether or not your current documents are still working in your best interest, schedule an appointment with one of our attorneys.

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2 Comments
  • Don Cummins
    Posted at 17:55h, 09 January Reply

    What would you charge to update my trust documentation when I move from Utah to Texas?

    My Trust was established in 2013-2014 and only contains a few firearms. I don’t know if it needs to be updated but it identifies me and my wife by referencing our old City, State. I’m hoping a simple addendum is all that is needed.

    Separately, I would like to consult with you on setting up a trust to place a home and other assets in to. What could something like this cost?

    Thank you

    • admin
      Posted at 10:04h, 12 January Reply

      Hi Mr. Cummins,

      If you are interested in obtaining a revocable living trust as a comprehensive estate plan tool for your family (placing assets inside the trust, etc), the updated gun trust would be part of that over-all plan. Our general pricing can be seen here: https://estateplanningdfw.law/flat-rate-services. The best next step would be to schedule a free consult with one of our attorneys in order to get to know what plan would best suit your goals and then you will receive a customized flat rate quote. You can text or call 972-560-6288 to set up a time or view the attorney’s schedules (https://estateplanningdfw.law/schedule-appt) to select a time that works best for you.

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