A family trust is created in Arkansas by an Arkansas attorney .
There are 2 original trustees that lived in Arkansas when the trust was originated.
One trustee dies ( parent approx 5 years ago) and is replaced upon their death by another trustee (child) living in Texas..
The other original trustee (parent) moves to Texas to live with new trustee (child).
What impact does this have on the Trust when the other original trustee (parent)passes on?
Answer
No impact really. The trust will still be governed by Arkansas law. If the surviving trustee has the right to amend the trust, since all trustees live in Texas from what I can gather, it would be a good idea to amend the trust to a Texas living trust while you can.
No comments:
Post a Comment