It is not uncommon for individuals or families to move from one state to another. Often, individuals or families who are anticipating a move are hesitant to draft estate-planning documents. This hesitation stems from the fact that the individual laws of each state govern probate. A recent article offers an estate planning solution for those on the go, the mobility trust.
With a mobility trust, you can move from state to state without worrying that you will need to re-create your estate plan with every move. This is because a properly created mobility trust includes provisions through which it can adapt to the laws of any state.
A second advantage of the mobility trust is that it assists the creator in avoiding probate. Any property within a mobility trust transfers directly to the designated heirs, outside of probate. For example, if you own a home outside your current state of residence and you list the trust as the owner of that home, the mobility trust will allow you avoid probate in both states.
Finally, a mobility trust is beneficial in that it helps individuals to protect their families. Through a mobility trust, a parent can designate whom they wish to be the guardian of their minor child(ren). Further, a mobility trust can hold inheritance for your children, thereby allowing the funds to be handled and distributed by a responsible adult.