Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Financial Planning > Trusts and Estates > Trust Planning

Staying Flexible

Your article was successfully shared with the contacts you provided.

One way that inflexible trusts hamper beneficiaries is when children and grandchildren move to other states. If the trust were drafted in New York without the ability to relocate it to another state (a procedure know as redomiciliation), for example, all of the beneficiaries living on the West Coast would need to travel to the Empire State for meetings with the trustees. To migrate that New York trust to California could prove very expensive and legally complex. The prospect can avoid the issue by adding language that permits the trust to redomicile and allowing the trustee to conform to the laws of the state of relocation.