Moving Out of State? Time to Review Your Estate Plan
I know what you’re thinking, just the act of moving alone is a massive undertaking, so the thought of adding another item to your to-do list probably doesn’t sit well, but it can be critically important. Any time you move out of state, you simply must revisit your Estate Plan, and here’s why.
Generally, a properly drafted and executed Will written in your home state will be valid in your new place of residency however, certain terms and conditions within your Will (or Trust) may need to be changed due to your move. Let’s say, for instance, that you move to a community property state. That state will treat all of your property as belonging to you and your spouse equally. If you and your partner have specific views about how your assets should be distributed after the first of your passes, it’s very important to review and perhaps revise your estate plan in your new place of residency.
Also, you very well may need to consider changing the individuals you’ve named as your Executor(s). If you have named someone or multiple people in that role and they now live 500 miles away, it’s probably a good idea to put in place someone closer to your new home. Additionally, rules can vary from state to state in regards to Executors. For instance, if you move from Florida to New York, you cannot have a New Yorker as your Executor unless they’re related to you by blood or marriage.
Each state has its own laws and statutory forms when it comes to naming someone as your Power of Attorney. While some states accept out of state financial or health care Powers of Attorneys, others do not. Therefore, best practices would call for a careful review of these documents by a licensed, estate planning attorney in your new home state.
Estate Planning and the maintenance thereof is understandably something we all put off too often, but it is the most important thing one can do to protect their family, their estate, and their legacy. Let us take the guess work out of updating your estate plan and give your peace of mind that all of your affairs are in order.
To learn more about estate planning and planning when new residency is involved, contact Davis, Davis & Associates today to schedule a consultation.
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