At some point in your life, you may decide you need a change. Generally, people move to other states for jobs, to be closer to family, or to get a new beginning. If you decide to move to another state, you likely have many thoughts and concerns. However, one of the many things people overlook when moving to a new state is estate planning. Don’t make the same mistake. It’s always important to review and update your estate plan to ensure it reflects your current circumstances. Please continue reading to learn why you need to update your estate plan if you move to another state and how a seasoned Montgomery County Estate Planning Attorney can help you ensure your estate plan is valid and structured the way your new state requires.
Should I update my estate plan if I move to another state?
Moving is a significant undertaking, even if you’re only moving to a different town. If you’re crossing state lines, you must revisit your estate plan to ensure it’s valid in your new state. Every state has its specific laws regarding estate planning. Therefore, if you want to spare your loved ones the additional stress of your loss, you should ensure your estate plan is structured as your new home requires.
Should I modify my will and trust?
Every state has different requirements for the execution of wills and trusts. Fortunately, most states will accept an out-of-state will if it is executed correctly by the state’s laws. It’s crucial to understand that it doesn’t mean you can neglect to ensure your estate plan still accomplishes what you want it to accomplish. One primary consideration is whether your state is a community property or an equitable distribution state.
If you’re married, knowing how your new state treats marital property is essential. Community property states handle marital property as being owned jointly, whereas equitable distribution states handle property in their name as separately owned. Therefore, you may need to create a new will to reflect your wishes regarding your marital property. Furthermore, the probate process is different in every state. It’s essential to tweak the wording of your will or even draft an entirely new will to ensure that your estate is distributed according to your wishes. If you have a revocable living trust, it will likely be valid in your new state. However, you should ensure that if you’ve purchased a new home, you revise your living trust to include this new asset.
If you’re considering moving to another state, please don’t hesitate to contact a dedicated Montgomery County estate planning attorney from the legal team at JD Katz, who can help ensure that your estate plan reflects your current circumstances and complies with your new state’s laws.