Can I set up living trusts in two separate states? 18 Answers as of March 03, 2014

Hi. I already have a living trust set up, and I want to set up a second one in another state to divide the assets between the 2 trusts. Can I do that?

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Stephens Gourley & Bywater | David A. Stephens
Yes you can.
Answer Applies to: Nevada
Replied: 3/3/2014
Robert E. Giffin | Robert E. Giffin CPA
Don't see why not, just keep property separated and possibly separate EIN numbers.
Answer Applies to: Ohio
Replied: 3/3/2014
Law Office of Jeffrey T. Reed | Jeffrey T. Reed
Yes, but be careful, different states have different rules.
Answer Applies to: California
Replied: 3/3/2014
Frederick & Frederick PLC | James P Frederick
You can, but you may not need to. A trust can hold property in a number of states and or countries. Having two trusts may be more administrative work and costs than you want or need, as well.
Answer Applies to: Michigan
Replied: 3/3/2014
Donald T. Scher & Associates, P.C.
Donald T. Scher & Associates, P.C. | Donald Scher
Yes, you can set up trusts in different states. I recommend that you consult with an attorney before you do so, as there are different rules in different states that may apply and cause you to incur difficulties, taxes and expense. It is important for you know exactly how best to achieve your goals and who will manage the trust administration if you are incapacitated.
Answer Applies to: Arizona
Replied: 3/3/2014
    Law Ofices of Edwin K. Niles | Edwin K. Niles
    Yes, but why? A trust entered into in one state is valid in another state. Having two trusts sounds like confusion down the line.
    Answer Applies to: California
    Replied: 3/3/2014
    James Oberholtzer, Attorney at Law
    James Oberholtzer, Attorney at Law | James Oberholtzer
    Yes, you can although it usually does not make much sense.
    Answer Applies to: Oregon
    Replied: 3/3/2014
    Law Offices of Robert H. Glorch | Jeffrey R. Gottlieb
    You can have all the trusts you want. The real question is what the purpose of the trusts is and whether setting up this way best meets your estate planning needs. Discuss this with your estate planning attorney(s). As a general rule, there's no legal reason why a single trust cannot hold real property in multiple states.
    Answer Applies to: Illinois
    Replied: 3/3/2014
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    That's not a good idea. One of the only benefits of a trust is that it can be effective to transfer property in two states. Your question makes me think you need a lawyer's assistance with your estate planning.
    Answer Applies to: Oregon
    Replied: 3/3/2014
    Ashcraft & Ashcraft, Ltd.
    Ashcraft & Ashcraft, Ltd. | Randall C. Romei
    You can create multiple trusts and distribute assets between the trusts as you choose. It is not really necessary unless you want different trustees for different property and avoid a hierarchy of trustees. Different property can be dealt with separately within a single trust and special trustees with powers only over particular property can be appointed within a single trust.
    Answer Applies to: Illinois
    Replied: 3/3/2014
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    I suppose, but why? The trust can own property in any number of states. All you are doing is complicating your life. If you want part of the trust to go to one person and part to another, then just amend your trust to do that. And in Idaho, trusts to avoid probate are not necessary unless you have more than $5.25 million in assets. The cost of probate in Idaho is minimal, as is generally the cost of probate attorneys.
    Answer Applies to: Idaho
    Replied: 3/3/2014
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    Sure, you just want to be sure that pour over Will is clear to which trust it pours. You should only have one Will.
    Answer Applies to: Nevada
    Replied: 3/3/2014
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Yes, although it is suggested you see an estate planning attorney to help you accomplish your objectives.
    Answer Applies to: California
    Replied: 3/3/2014
    Danville Law Group | Scott Jordan
    Yes it is possible. I only ask why you would want to do that. You can set up one trust and divide the property within the one trust. It just needs to be carefully drafted to meet your needs.
    Answer Applies to: California
    Replied: 3/3/2014
    Irsfeld, Irsfeld & Younger LLP | Norman H. Green
    You can even do 2 or more in the same state. And you can hold property in state A in a state B trust. But only 1 can be your principal residence.
    Answer Applies to: California
    Replied: 3/3/2014
    Neal M. Rimer, Esquire
    Neal M. Rimer, Esquire | Neal M. Rimer
    You can create multiple trusts. I believe it would be better to have your existing trust done with enough detail to allow your successor trustee to handle all the dispositions you desire and avoid other potential complications by having multiple trusts. One person being responsible for all tax filings, notices, accountings, and other communications to beneficiaries would avoid problems that could otherwise exist. It is more complicated to have one trust do multiple things.. but, if done correctly, by someone who can draft well, one trust is best.
    Answer Applies to: California
    Replied: 3/3/2014
    James Law Group
    James Law Group | Christine James
    Legally you can but it is not recommended as it is generally not necessary and can lead to more confusion than anything.
    Answer Applies to: California
    Replied: 3/3/2014
    Kokish & Goldmanis, P.C.
    Kokish & Goldmanis, P.C. | Bernard H. Greenberg
    Yes, but you should consult with an attorney specializing in trusts before proceeding as you may not be accomplishing what you expect.
    Answer Applies to: Colorado
    Replied: 3/3/2014
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