Can your trust be used in another state?
After you have done your living trust and you move to another state, your trust is still good and valid and the move, in and of itself, does not require you to redo or amend your trust. Having real estate in two or states is a perfect reason to have a living trust. Otherwise, probate will be required in EACH state that you own real estate.
Attorney Tom Olsen: Here's a question and it says they purchased a condo in North Carolina in which their disabled son lives. They want to put it in a trust for him, "Must we do that in North Carolina?" The answer is no. You can do that trust right here in the state of Florida. When you sign a trust, it's as though you have built an empty vault or an empty safe, and then you must then fill it up with your assets. You do a Florida trust and then you pay a North Carolina attorney to do a deed to that North Carolina condo out of your individual names and into the names of your trust.
Chrissy: I would just like to add that, because we do get this question quite often, is, if a trust is done in Florida, it would be good in any state. To put assets in it from any state in the US. Also, that works if you've had a trust done in another state, the same thing will work. That's really the nice thing about a trust is it will work anywhere in the United States.
Attorney Tom Olsen: Yes, based on common law. So Chrissy, by the way, we always emphasize simple ways to avoid probate. We consider a living trust a complex tool to avoid probate but it can certainly be appropriate in some situations. One of those situations is you own property in multiple states. That's a reason. You got property in Florida and North Carolina, that's going to be a reason for you to have a trust.
Chrissy: Yes, so what does that mean? It means that then any of the properties in the other states, if that is correctly put in your trust, then you will not have to go to probate in any of those states with those properties.
Attorney Tom Olsen: All right folks, my name is Tom Olsen. The name of the show is Olsen on Law. We're going to take a break now. We'll be back in a few minutes. You're listening to news 96.5.