Many people move to a different state at some point in their lives. In fact, according to data collected by the United States Census Bureau, 41 percent of Americans currently live in a different state than they one in which they were born. Moving out of state can affect your life in many different ways; indeed, it could even have ramifications on your estate plan.
Three Estate Planning Issues That Must Be Considered After Moving Out of State
Different states have different rules and regulations regarding who is eligible to serve as an executor. In some states, it is very difficult for an out-of-state individual to serve effectively as an estate executor. As such, it is generally a best practice to appoint a local agent who will be able to perform the duties without any problems.
There are currently nine community property states in the U.S., including the country’s two biggest states by population: California and Texas. If you are moving in or out of a community property state from a non-community property state, your estate plan may be affected. You may need to make changes to ensure that it still conforms to your wishes.
Finally, some states also have differing regulations regarding living wills and advance healthcare directives. Generally, these differences are relatively minor, but sometimes, the differences can have a major impact on you and your family. More notably, if you have strong wishes on what should happen to you in the event that you are put on life support, you should definitely have your estate planning documents reviewed when you move into a new jurisdiction.
Update Your Estate Planning Documents
When moving across state lines, the best practice is simple: Get your estate planning documents reviewed and updated. This does not need to be a cumbersome process. Indeed, you may find that most (or maybe all) of your original documents are still valid in your new state. However, in many cases, there will be some documents that need to be re-drafted or altered. You need to protect yourself; get your estate plan reviewed for legal compliance.
Get Legal Assistance Now
If you have recently moved, and you would like guidance on updating your estate planning documents, you should reach out to a local estate planning attorney today. Your attorney will be able to review your circumstances and determine what needs to be done to best protect your legal rights and financial interests.