U.S. residents are allowed to have a trust created in any state they choose.
You can have a trust created in any state because you are not limited to the state in which you reside. Which state is the best for your trust depends on opinion as Trust Advisor reveals in “The Nevada Advantage: Why Nevada has Become the Leading Jurisdiction for Trusts.”
In the article two Nevada attorneys explain why they think Nevada is the best state for people to create trusts.
This is not to pick on the authors as they are correct that there are many good reasons to get a trust in Nevada. The state is well known for its trust-friendly laws and lack of a state income tax. For more about the advantages to estate planning under Nevada law, read the original article.
The important takeaway is the knowledge that you can create your trust in any state.
You are not required to create a trust in the state where you reside. That means you can shop around and pick the state that has the best laws for your particular needs. While lay people are not expected to know which state is best, you can always learn more by discussing the matter with your estate planning attorney.
Once the attorney knows what you are hoping to accomplish with your trust, he or she might be able to suggest states most appropriate for your needs.
An estate planning attorney can advise you on your options for a trust.
Reference: Trust Advisor (May 25, 2016) “The Nevada Advantage: Why Nevada has Become the Leading Jurisdiction for Trusts.”
