QUESTION
Can a revocable Family Trust be changed in a different state than its governed by?
Asked on Nov 01st, 2017 on Trusts and Estates - New York
More details to this question:
Mom and Dad lived in NM and drew up a revocable living trust. They have since moved back to NY (about 7 yrs ago). Mom passed away 5 years ago. Dad is alive but is suffering from dementia and lives in my house. We don't believe he has the capacity to manage the assets any longer. The Trust states that it is governed by the laws of the State of NM. Can changes be made to the Trust in NY, or do we need to consult lawyers in NM? My sister and I are co-trustees and are trying to get him in-home care and may need assets to pay for that care. There is a provision for incapacity of the Grantor, wherein control over the assets is turned over to first trustee (me). The assets are mostly in CD's, an IRA, checking account and a vehicle.
1 ANSWER
1 Award
There are two issues, choice of law and choice of forum. The choice of law stays with the trust language, which is NM. The forum is here. If the trust was done right, you do not need court intervention, and you should be able to use the document to do what you need to do. See what the banks, etc., require for you to act on the accounts. If you run into problems, then you may need to bring a court proceeding here in NY.
Answered on Nov 02nd, 2017 at 6:29 AM