Key Reasons Why You Need to Update Your Estate Plan When You Move to a New State
Did you know there are key reasons to update your estate plan when you move to a new state? It can be a great time to make sure your estate plan is comprehensive and includes protections for all of your goals. It can also be important to make updates that reflect laws that vary from state to state and can have significant impacts on the effectiveness of an estate plan. Let us discuss why you should update your estate plan when you move to a new state.
If you did not already have an estate plan completed before your move, now may be the perfect time to fill in all the gaps. After updating what you do have to reflect your new home state you can ask a qualified estate planning attorney what other documents you need to have everything taken care of. For example, if you have a will and guardianship forms for your minor children, but you do not yet have a standard power of attorney or health care documents in place, look into getting those forms completed. Take some time in your new surroundings to decide who you trust most to fill the roles of your agent both financially and medically, and make sure those choices make sense for your new location.
Your estate plan should also reflect the laws of your new home state. The United States may be one nation, but every state makes its own laws and regulations on many matters. Estate planning is no exception. Each state sets its own estate tax rates and decides whether to impose any estate tax at all, and each state and local area may have its own forms familiar to practitioners in that state for things like a health care surrogate or guardianship for minor children. In addition to having their own forms, some states also have rules about who can fill these roles. Many require a health care surrogate to live in the state for reasons of proximity when they would be called on to make emergency medical decisions on your behalf. Some require you to name local emergency guardians for your children if your choices for who would ultimately take them live too far away to arrive quickly. Make plans to update your estate plan and insure that your estate plan reflects the rules in your new home state.
For assistance updating your estate plan after a move, contact our office to schedule an appointment.