People who have estate plans periodically review these documents after going through significant life changes like marriage, divorce or getting kids. But what about when you move to a new state?
Every state has unique laws regarding estate planning documents like trusts, wills, powers of attorney and advance medical directives.
Here are some of the most important reasons why you should consider updating your estate plan when you relocate to another state.
State marital property laws
If you are moving to a community property state, like Washington, from a non-community property state, it is important that your estate plan documents are properly structured to reflect your wishes with regards to what your spouse can get when you pass on.
The executor’s responsibilities
An executor, or a personal representative, is the individual who, among other duties, oversees the administration of the last will and testament upon your passing. Each state has specific laws when it comes to what the executor can, or cannot, do — and who may be qualified to hold the position.
The legality of a will
Some states have very specific rules regarding the creation of wills and other estate documents. If you have the wrong number or type of witnesses on your existing will per the laws in your new state, that could invalidate it.
There is a lot to work around when you decide to relocate to another state – in the mix of it, you can easily overlook important things like your estate plans. However, it is important that you review and update your estate plan as soon as you relocate to a new state.