Can out of State assets be held in your California Trust? A Living Trust, a common Estate Planning tool, created for a California resident is typically created under the laws of California, unless otherwise advisable. This raises the question as to whether or not that Trust can only hold your assets owned in California, or whether it can hold your assets owned elsewhere. Fortunately, owning property in different states does not necessitate having a different Trust in each state.
A Revocable Living Trust can hold all real, personal, tangible, and intangible property located in the United States, whether acquired before or after the execution of the Trust. For example, if your permanent residence is in Carlsbad, but you later acquire an investment property in New York, you are able to transfer both the Carlsbad and New York properties to your California Trust.
However, if an asset is owned outside of the United States, that asset cannot be transferred to your Trust. Foreign assets require consultation and additional estate planning in the country in which they are owned.
Whether you own out of State assets or out of Country assets, the attorneys at The Loftin Firm, P.C. can assist you with your California Trust.