If you’ve already gone through the process of establishing a will, trust and similar estate planning documents, you might assume that you’re off hook for additional planning requirements. But there are many different reasons why you might need to revisit your estate plan and ensure that yours has been appropriately updated based on your individual situation.
Scheduling a consultation with an experienced and knowledgeable estate planning lawyer is important, especially if you have recently moved to another location. Estate planning laws, unfortunately, are not national.
Each state has their own laws in place with different nuances and requirements. Moving to a new state that has a state level income tax, for example, could throw off your entire estate plan that was relevant and helpful in your old location. Some of these differences might seem minor, such as the number of witnesses that are required in order for a will to be classified as valid, but other differences from one state to another can be more substantial.
Certain states, for example, require that one state inherit a minimum portion of the estate. But this requirement will be different between various states.
Other elements in the estate plan can be affected by changes in state laws, such as rules over living wills, advanced medical directives and powers of attorney. If you have relocated, these documents must be updated for the new state or they could be classified as ineffective.
A good plan is to schedule a consultation with an experienced estate planning lawyer who can walk you through any other changes you may need to make in your estate plan and ensure that you have incorporated all possible issues when relocating.