Are you planning a move out of California? Make sure your estate plan will come along. If you’ve landed here because you’re trying to decide about moving to California, you’ll want your current estate planning documents will still work in your new home.
Relocating to a new state brings up plenty of opportunities to transfer credit cards, addresses and more. However, don’t neglect your estate plan in the process of updating things for your new home. While a trust or will executed validly in another state should still remain valid in your new state, it’s a good idea to set up a consultation with an estate planning lawyer to have your documents reviewed and to ensure that this is the case given your specific situations.
By looking at all of the issues surrounding your relocation to a new place you can avoid certain issues and maximize your potential benefits. Another state’s laws can be one of the biggest challenges present to your existing estate plan. Many times specific states statutes are mentioned in your trust or will, meaning that the laws of your previous state can be problematic if you were to pass away in the new state.
You can execute a simple amendment to certain trusts or a codicil to the will that changes the state law references to the new state’s law and avoid many of these potential problems. Remember that many states have special provisions related to medical treatment documents, such as a durable power of attorney for medical matters or a living will.
You’ll certainly want to have these revisited by a qualified estate planning lawyer. If you have recently moved to California, we know what it takes to review an existing plan and make recommendations for you on what comes next. For more support with your individual plan, contact our Pasadena estate planning office to set up your first meeting.