Legal Question in Wills and Trusts in Washington
Switching old trust to new trust
My father set up a 30-year, irrevocable trust for me and my sister in 1976 as equal beneficiaries and my father as the trustee. Obviously, it is finished this year, November to be exact. My sister and I decided we would like to keep the stock portfolio in a new trust, set up in Washington instead of California (this is where the existing trust was formed). We would like to set it up as irrevocable for 15 years. We would like to be equal trustees and equal beneficiaries. Can it be set up this way? How do I do this? Do I need it written by a lawyer or can I copy a lot of the language from the existing trust? How do I set up contigencies for one of us dying? I am an accountant, so I can take care of the taxes every year, but I don't know how to do the inital set up. Help!
1 Answer from Attorneys
Re: Switching old trust to new trust
Even though you arwe an accountant, the intracacies of setting up a trust come from two sources: tax law and trust law. I assume that you are conversant with all of the tax reporting from an accounting standpoint; but, there are subtleties of a legal nature that are only discernable by a competent trust lawyer. DO NOT simply take language from the California trust and use it in a trust instrument that is to be used in Washington State. There are many differences in the trust laws of these two states. Therefore, shop the fees around but be wary of "bargain basement" practitioners. The bottom line for you is: get good advice at a reasonable rate. Good Luck!
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