The Role of Grand Rapids Wills and Trusts Lawyers When You Move to a New State
Trusts lawyers in Grand Rapids have the important job of helping their clients create a legacy that is compliant with a number of different laws. For the most part, these laws will vary from state to state. Some differences are minor, while others can impact the trust significantly. Someone who already has established a trust in one state may very well want to at least review it with a trusts lawyer when relocating to another.
For example, if you have created a trust in Michigan but then move to Florida for retirement, it’s a good idea to meet with a trusts lawyer in your new city. Likewise, someone moving from somewhere else in the U.S. to Grand Rapids should contact a Michigan trust lawyer to review the documents and potentially amend them to meet the law here. Eyestone Law Offices is a member of WealthCounsel, a network of approximately 3,000 attorneys located all over the United States, and we are able to connect our clients with a new attorney in their new state who is familiar with our legal documents.
Most often, when a trust is administered, it is done so under the laws of the state where the trustee resides. This can get a little tricky if you have more than one trustee or if you or they have residences in two states—say, a “snowbird.” In those situations, it’s best to work with trusts lawyers in both states. The changes needed may be as small as a little wording, but they could also be more complicated.
There are some estate planning documents that should always be addressed with a trusts lawyer when moving to a new state. Powers of attorney are vital for determining who can represent you should you become incapacitated, and those are administered under state law. Powers of attorney drawn up by a trusts lawyer in Grand Rapids may be disregarded by the courts in another area as soon as you change your residence to that area. Simply getting a new driver license or license plates in your new state might invalidate your existing Michigan Powers of Attorney.
A final consideration in the discussion of where to establish a trust is the tax implications. By working with a good trusts lawyer, you can uncover which state may hold the best benefits for you, your estate, and your heirs. It is possible to have trusts set up in more than one state, though the complexities of doing so are absolutely something that should be done with the guidance of a knowledgeable professional with plenty of experience in trusts administration.
If you would like to speak with a professional Grand Rapids Wills and Trusts lawyer, please contact Eyestone Law Offices at 800.667.5291 to schedule a free initial consultation today! We provide services throughout West Michigan and have three offices conveniently located in downtown Grandville and Muskegon, and another in Grand Rapids near Woodland Mall.