Richard Kiely (Holland & Hart): Why Trust Situs is Important (July 13, 2021)

Richard Kiely, of Holland & Hart, has made available for download his article, “Why Trust Situs is Important,” published in JDSUPRA. The abstract is as follows:

When does a trust’s situs, also known as principal place of administration, move?  What is enough to trigger a move?  Should a trustee be concerned about their trust’s situs?  These are all great questions that often get overlooked in the years and decades after a trust is created and well into its administration by a trustee.

Trust situs is an important issue for several reasons.  Situs can dictate which state’s income tax applies, e.g., California vs. New York vs. Wyoming; situs is a factor in determining what law governs the administration of the trust; and situs often determines where a trustee or beneficiary might seek judicial relief.  Accordingly, determining and possibly relocating trust situs is a significant decision for a trustee’s consideration.

Click here to view Richard Kiely’s summary of “Why Trust Situs is Important.”

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.

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