Keeping your estate plan up to date is very important. Especially when you move to a different state. Relocating to another state is a major life event which means it could have an impact on your estate planning. This posting will give you some things to be aware of if you are moving to a new state.
Executors
Depending on the state you are moving to, appointing an executor who lives in another state could cause a problem. It's best to check your state's laws to see if you will need to pick a different executor.
In some states, executors from other states have to be related to the testator (person creating the last will and testament). If the executor does live in the state you are moving to, then no relation is necessary.
If your state allows out-of-state executors, make sure you pick someone who can travel. Most likely, they will have to attend the probate court proceedings in your state.
Last Will & Testament
When it comes to your last will and testament, it's best to become familiar with the probate laws of your new state. In some cases, it might be necessary to draft another will.
Different states tend to have different laws regarding property ownership. One of these differences deals with community property vs common law. Each scenario has different regulations.
When it comes to your property, community property states will consider any property to be owned by both spouses. In a common law state, property is considered to be owned separately.
Living Trusts
Usually, living trusts are not governed by the same rules and regulations that apply to wills. Additionally, living trusts are normally valid in any state.
This doesn't mean that there isn't anything that might need to be updated in the trust, however. This is especially true if you plan to own property in your new state. It might be a good idea to transfer these properties into your trust.
Power Of Attorney/Medical Directive
Each state handles these documents differently. In some states, you cannot use a medical directive or power of attorney that was drafted in a different state.
You should check your state's laws to make sure that you are able to use your original power of attorney. This could save you and your family a lot of stress later on if you need to use either document.
As always, it's best to consult with an experienced lawyer, like Thomas A. Corletta Attorney at Law, to make any changes to your estate plan.
Share19 November 2014
