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AALU: Changing the Situs of an Irrevocable Trust

Careful navigation is required while changing a trust’s situs 

As states vie for trust business by offering more exclusive benefits, new life can be given to old trusts by moving to a jurisdiction with more robust trust laws (a so-called “situs change”). Long-term irrevocable (dynasty) trusts can become inefficient over time. Moving the trust to a new jurisdiction may provide opportunities to refresh the administration of the trust, address state income tax issues, strengthen creditor protection, and decant trust assets to a new trust. The authority to move a trust’s situs may be found in the trust instrument or state law.

Read more in this whitepaper.