Have you made the move to a new state? It can be both an exciting and overwhelming thing to do. While your moving checklist may seem to go on without end, consider putting ‘updating your estate plan’ at the top of your list. Let us discuss some of the reasons why it could be so important to update your estate plan when you move to a new state.
First, your estate plan executed in a different state will probably be considered valid under the laws of your new state if it was properly executed according to your former state rules. It should be noted, however, that when your estate planning documents, such as your will, power of attorney, and living will, may be valid in your new state, there may be some issues regarding the effectiveness of these documents and provisions contained therein.
For example, while your will may be valid under the laws of your new state, a provision such as who you named as personal representative of your state may run into some trouble. Different states have different requirements for a personal representative. Some states require a personal representative to be a resident of the state. If you named an out-of-state resident as your representative your will may still be valid, but your provision for personal representative may be declared invalid.
Additionally, while documents such as power of attorney or living will that you executed in your former state remain valid, the other state forms may be unfamiliar to healthcare providers and financial institutions to which you will need to present them. This can cause undue delays because a provider institution may be hesitant to accept an unfamiliar document.
To help ensure your state plan remains effective and continues to best serve your needs, update your estate plan after you move to a new state. Our office is here to assist you with this. Please contact us today to schedule an appointment.