How to Move a Revocable Living Trust From Arizona to Tennessee
A trust established in Arizona and then moved to Tennessee may hold title on real property located in various states, but the trustee must file state taxes in Arizona where the trust is set up. The trust grantor primarily must concern herself with ensuring that all lines of communication between the parties involved are open and the administration process is helped by an organized trust portfolio.
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Things You'll Need
- Trust agreement
- Amendments
- Restatements
- Trust portfolio
- Property titles
Instructions
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Appoint a person to serve as trustee of the estate upon your death. Generally, you serve as trustee of the trust during your lifetime and appoint a successor trustee to assume control of the trust after your death. Appoint a person in Arizona where trust property is located to minimize administration costs, if possible.
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Analyze your trust agreement. Check that the trust agreement correctly identifies the powers and limitations of the trustees and the state laws governing it, so the trust grantor can move the trust from Arizona to Tennessee with very little hassle.
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Determine if adding a co-trustee based in Tennessee will expedite the administration process. Often trustees enter a trust grantor's residence to recover insurance policies, loose checkbooks, property titles and bank records, which may assist in the recovery of trust property. Having trustees in both Tennessee and Arizona may make the administration and probate processes easier.
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Set up a trust portfolio with recent trust documents and provide a copy to trustees for safekeeping. Include a notarized copy of the original trust agreement along with any restatements or amendments and titles to real property. Retain the originals in a fireproof safe.
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Check that all real property is recorded at the county clerk's or county recorder's office where the property is located. In all states, the sale or transfer of real estate is public record.
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Ensure that the trustee distributes property for out-of-state beneficiaries in accordance with the instructions laid out in the original trust agreement.
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Tips & Warnings
A revocable living trust is a private agreement between the person who sets up the trust, known as the trust grantor, the person who benefits from the trust, known as the beneficiary, and the person who serves as trustee upon the trust grantor's death.
References
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