Most people move and don’t think much of it, but if you have an estate plan drafted in one state and move to another, you might need to make a few significant changes. Your estate plan needs to correlate with your state’s legal requirements regarding estate plans and taxes. Therefore, if you have moved to a new state, contact an estate planning attorney in your new hometown to review your will and see if it requires any significant changes.
Common Changes to Your Will
An out-of-state will can create numerous issues come time for probate court. Therefore, make sure your will is still valid in your current state. Some common items that impact your old will include, but are not limited to:
- Marital Property – Community property states and common law states vary when it comes to marital property. If you have moved from a community property state to a common law state or vice-versa, your estate plan needs to be reviewed and changed.
- Executors – Some states (like Florida) require your executor to be a blood relative, while others allows you to select anyone you want. Also, if you have moved and your executor is located in another state, you may want to consider having someone locally handle your estate.
Considerations for Advanced Directives
If you have an advanced directive or power of attorney, it may need to be revised for your new state. Some states don’t accept these documents, while other states don’t have laws requiring medical professionals to honor them. No matter what, update your documents to reflect your state’s current regulations.
- Pandemic Relief for Employers - April 15, 2021
- How to Dispose of “Stuff” - April 13, 2021
- Will My IRA Transfer Through Probate? - March 8, 2021
Leave a Reply