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Many things have changed since we completed in 2005. Can we stay with and update our original trust from Fla. or is a Fla. trust worthless in Ga?
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Your Florida trust did not become invalid just because you moved to Georgia. However, due to differences between the laws of Georgia and Florida (Georgia allows less notice to beneficiaries, for example), the trust may now be unduly restrictive. In addition, because you state that many things have changed since you executed the trust in 2005, it's likely that you may want to make other changes. So, it's a good idea to have someone review the trust and discuss your current situation and desires, and see what changes are desirable or necessary.
Depending on what kind of trust you have, you may be able to amend the trust by keeping the original name and date (so you don't have to retitle assets that you may already own in the trust) and doing a whole new trust agreement. That's often the most efficient way to handle a major trust revision. If you have an irrevocable trust, however, then you may be limited in what, if any, changes you can make. In addition, if you have a type of revocable trust often called a joint trust (because it has more than one trustor, grantor, or settlor), you may be better off getting rid of it and doing separate revocable trusts instead. At my firm, we do not recommend joint trusts because they don't work as well in Georgia as in some other states, and they create a lot of tax and other issues that can be avoided with separate trusts.
Best wishes to you.
Answered on May 12th, 2016 at 5:49 AM
This answer is being provided as general information and not as legal advice. No attorney-client relationship is created by this answer.