Cape Coral, FL asked in Estate Planning for Florida

Q: I became a resident of Florida. Will the irrevocable trust, which i had done in NY, be binding in the state of Fl?

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3 Lawyer Answers
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Estate Planning Lawyer
  • Freeeport, FL
  • Licensed in Florida

A: Assuming you are the trustor (the person who created the trust), and the trustee (the person who you gave the fiduciary duties to control the trust assets), it remains a New York trust, to be administered under New York law.

Phillip William Gunthert agrees with this answer

Ellen S Deutsch Taylor
Ellen S Deutsch Taylor
Answered
  • Estate Planning Lawyer
  • Ponte Vedra, FL
  • Licensed in Florida

A: It would probably be administered under NY law.

Phillip William Gunthert agrees with this answer

Phillip William Gunthert
Phillip William Gunthert
Answered
  • Estate Planning Lawyer
  • Orlando, FL
  • Licensed in Florida

A: While the answer to your question is generally yes. You will likely want to review the Trust and have it updated for the State of Florida if this is now your state of residence and domicile. Unless there is a particular reason or the majority of your assets in NY, you likely need to update it. If you do not want to update it, then you should still review it and understand whether it will be administered under NY Law (likely yes). As you can imagine, this could become problematic if all your assets, homestead, etc., are now in Florida. I would additionally mention, there are substantial reasons why you should review things and update in accordance with Florida Law, because no matter what the Trust says, there are certain things that apply in Florida and are different in Florida and if your estate documents do not properly address these matters and issues then you will have potential problems and issues later on. For example, Florida Homestead laws and rights, surviving spouse rights, specific requirements for Florida Durable Power of Attorney and Florida Healthcare Surrogate, these documents may be substantially different or at least different enough from NY to be of concern and worth addressing. Here is one specific example, if you are married and your Trust does not adequately address your spouse and homestead, the Trust may and likely can and will be ignored to some degree. You want to be sure that you understand these issues and how they may apply to the NY Trust now that Florida is your state of residence potentially.

Terrence H Thorgaard agrees with this answer

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