Review Your Estate Plan for an Out-of-State Move
If you are planning a move out of state, you will have plenty to plan for—getting everything packed up, cancelling utilities, getting your family situated in the new home, etc. One item that you may not consider right away is your estate plan, including your will, asset protection measures, and so forth. This is a very important item to attend to sooner rather than later, even though you may be tempted to put it aside.
New State, New Laws
Each state has its own probate laws, which means the way your estate is handled after your passing may change based on your new location. This can have a significant impact on how the probate process is carried out, possibly affecting how assets are distributed.
To make sure your wishes are carried out, it’s best to update your estate plan to conform to the local requirements set forth in your new state.
Some of the specific changes you may have to account for include the following:
- Marital property: In some states, most property acquired during marriage is considered to be community property, which is owned jointly by both spouses. In others, each spouse only owns what is under his or her own name. This can have an impact on how your will is carried out, which means revisions should be made to the way you manage your property.
- Executor: Some states require your executor to either live in the state or be directly related to you. Other states may have additional requirements. When moving to a new state, it’s usually best to have someone local named as your executor since it will simplify the probate process.
- Living wills: An advance medical directive, or living will, may or may not be accepted from out of state. Every state has its own documents and forms, and they each handle matters of living wills and power of attorney differently.
Regardless of where you’re moving or how complex your estate plan is, you need the eyes of an experienced estate planning attorney to discern precisely what changes will need to be made. Bennett, Weston, LaJone & Turner can help you get everything in order for your out-of-state move.