Q: Can I title my vacation home located in Cape Cod, Massachusetts into my Arizona Trust?

A: Certainly!  Provided you have a Revocable  Trust, you can (and should) title all real property to that Trust.

For simplicity purposes, a Revocable Living Trust is like a bucket.  The terms of this Trust contain instructions regarding its post-death administration.  Further, any asset that you have titled to your trust (or, placed in the “bucket”) will be governed by the terms of your trust.  For instance, your primary residence is in Arizona and you established your Trust documents in Arizona.  The mere fact that your vacation home is not located in Arizona does not prohibit you from titling your vacation home to your Arizona trust.  In fact, if you do not title the vacation property to your Trust a probate may be required in Massachusetts!  The caveat here is that you will need to retain the services of an attorney licensed in that state to prepare the proper deed(s).

This holds true for other assets.  I have many clients who have moved here from another state. While they established their Trust in Arizona, they still maintain bank and investment accounts in their former state.  Vice versa, I often assist “Arizona Snowbirds” title their “Snowbird” residence to their Trust because they established their estate plan in their home state.

Don’t let the state where you established your Trust sway you.  However, you should always consult with an attorney before transferring assets into your Trust to ensure the terms of your Trust do not have any limiting provisions or restricts you in any way.  The attorneys at Bivens and Associates, PLLC are happy to help with any “trust funding” issues you may have.

 

-Rachel S. Zaslow, Esq.