One option that may solve many estate planning issues for Texas families facing potential moves in the near future is a mobility trust. Rather than waiting to see where one’s family will ultimately end up living, or changing estate planning strategies each time one’s family moves, families facing the potential of a future move can create a mobility trust which will adapt to their circumstances.
A mobility trust may allow people to move without having to recreate that trust in their new home state. It may also be drafted so that it adapts to the laws of the state where one lives at any given time to eliminate the need for changes in the event of a move.
Such a trust may also be set up in a way that requires little effort to maintain and administer. If it is drafted properly, the trust does not need to go through probate in the event that a spouse dies, and guardians can be clearly established in a mobility trust so that in the event that both a mother and father pass away, their children will be provided for. The trust may also be set up so that minor children’s inheritances are held until they reach adulthood. Lastly, it is revocable if another type of trust proves to be a more attractive option in the long run.
These benefits make it clear that a mobility trust is a potential solution for many of the issues facing modern families. A knowledgeable attorney working in the area of estate planning may help couples determine if a mobility trust is a sound choice for them. The attorney may help draft the trust as well so that it is flexible and in accordance with applicable state laws.
Source: San Antonio Express News, “Mobility Trust Works for Mobile Families,” Paul Premack, March 5, 2013