Is a Living Trust Good in All States?

By Mary Jane Freeman

Living trusts are a commonly used estate planning tools, because they are flexible and recognized in every state. The person who creates the trust maintains control of her property during her lifetime and upon her death, the property automatically transfers to the beneficiaries named in her trust.

Living trusts are a commonly used estate planning tools, because they are flexible and recognized in every state. The person who creates the trust maintains control of her property during her lifetime and upon her death, the property automatically transfers to the beneficiaries named in her trust.

Living Trusts Valid in All States

A living trust, also known as an inter vivos trust, is created during a person's lifetime. The person who creates the trust, the settlor or trustor, places property in the name of the trust for the benefit of others, known as beneficiaries, who will receive the property upon the settlor's death. The settlor also designates a trustee to manage the trust, although settlors often serve in this capacity while they are alive. While living, the settlor can make changes to the trust, including moving property in and out of it or changing beneficiaries. Once a valid living trust is created, it is valid in every state, not just the state in which it was created. This means that a settlor can move to a different state after creating her living trust, and the new state will honor it.

Protect your loved ones. Start My Estate Plan
Protect your loved ones. Start My Estate Plan
What Happens If the Grantor of a Trust Dies?

References

Related articles

How Do You Remove the Executor of a Living Trust?

The executor of a living trust, normally known as the trustee, is vested with the power to administer trust assets on behalf of the trust beneficiaries in conformity with the terms of the trust deed. The ease with which he can be removed from his position depends on a number of factors, including whether the trust is revocable or irrevocable.

Can a Trust Be a DBA?

A trust represents one of several tools used in estate planning and wealth transfer. State laws vary on the administration of trusts as well as "doing business as" entities, commonly abbreviated as DBAs. An online legal document service can provide assistance with establishing trusts and DBAs that serve your purposes and which conform to the laws of your state.

Does a Living Trust Need to Be Registered in North Carolina?

Living trusts, also called revocable trusts, are popular estate planning tools because they avoid the costs and delays of probate courts. Wills must be probated and become part of the public record when they are filed with the court. However, most states, including North Carolina, afford privacy to a living trust's creator and beneficiaries by not requiring public registration of trusts.

LegalZoom. Legal help is here. Start Here. Wills. Trusts. Attorney help.

Related articles

Is a Living Trust Liable or Subject to Probate?

A living trust holds assets that are managed by a trustee for intended beneficiaries. Also called a revocable trust, it ...

Can a Trustee Be Removed for Not Giving a Accounting?

A trust involves the holding of property for the benefit of another. The relationship is legal in nature; the person ...

Can a Revocable Trust Be Changed With a Will?

A revocable trust, or living trust, is an estate planning device that allows you to manage your property while you are ...

How to Break an Irrevocable Trust

Two types of trusts are possible: a revocable trust and an irrevocable trust. Although the grantor can unilaterally ...

Browse by category
Ready to Begin? GET STARTED