Estate Planning After Moving to a New State
Moving to a new state comes with important considerations in terms of updating your legal and financial documents – including your estate plan. While estate plans generally remain valid across state lines, it is important to take the time to consult with a St. Louis estate planning lawyer in your new state to make sure all the terms of your existing plan are still valid and protect your best interests.
Estate Planning Laws Can Vary From State to State
For the most part, estate plans remain universal from state to state. Moving to a new state will not automatically invalidate your estate plan or eliminate measures you have put in place to protect your estate, such as a revocable living trust or power of attorney. However, certain new or different state laws may affect various documents within your estate plan.
Laws of Intestate Succession
If you are largely trusting your state’s laws of intestate succession when it comes to dividing and distributing your property after your death, it is important to make yourself aware of the laws in your new state and compare them to where you came from. Make sure they still align with your desires for how you would like your assets and property to be distributed to beneficiaries.
Administrator of the Estate
In most cases, the executor of your will or administrator of your estate must reside in the same state where you own property. This means that if you relocate, you need to find someone new in your current state to take over this position and serve as an executor, such as a local attorney.
Power of Attorney
The current power of attorney (POA) you have chosen to act in your stead if you become incapacitated may need to be changed based on the laws in your new state. While you might be able to keep the same POA without issue, it is worthwhile to check with a lawyer to make sure your current documents meet the new state’s legal requirements. The same is true of any living trusts.
Health Care Directives
If you signed a health care directive or living will in a state other than where you currently reside, you may wish to update it to make sure it’s accepted and understood by local medical providers. If an emergency occurs and your chosen agent has to quickly make decisions on your behalf, it is easier if your related legal documents match your current state.
When Is the Right Time to Update Your Estate Plan?
You should schedule a consultation to meet with an estate planning lawyer in your new state as soon as possible after completing your move. You don’t want to risk something happening to you while your estate plan is outdated or in a legal “gray area” due to differences in state laws.
A local lawyer can ensure that your estate planning documents comply with the new state’s laws and specific legal requirements. This includes recommending potential updates for tax considerations, beneficiaries, marital property, life insurance policies and powers of attorney.
To have total peace of mind that your assets will still be protected after your relocation, it is vital to consult with a qualified estate planning attorney. A lawyer in your new state can review your current plan, update it as necessary to comply with state law and offer advice that may help you add further protections. Investing a little time now can save your family a lot of stress later.