Relocating? Review Your Estate Plan When You Move

Clients often ask if they should update their estate plan when they move from one state to another. Our answer is always, Yes. Relocating is the perfect time to update your will or trust, advance directive, power of attorney and any other legal documents you may have. Moving usually means new tax aspects and state laws. Thankfully, you may only need to update your documents instead of completely re-writing them.

Updating Your Estate Plan

Once settled into your new home, you’ll want to find an attorney who will help you update your estate plan. Let’s look at a couple of items within your estate plan that may need updating.

• Community Property
  A community property state recognizes that any assets acquired by either spouse during the marriage are considered marital property owned by both spouses. If you are moving to or from a community property state, you may need to update your will or trust to ensure your assets are appropriately distributed after you pass away.
• The Executor Of Your Will
  Most states accept an out-of-state executor of a will, but they may impose additional requirements. It’s often a good idea to have a local executor for your will.
• Healthcare Directive
  A healthcare directive is a set of legal instructions regarding your preferences for medical care. Many states have their own forms and terminology that vary widely. While most hospitals will accept an out-of-state directive, it may cause delays. Therefore, we recommend you write a new directive when you relocate.
• Financial Accounts
  If you have a payable on death for the money in your bank accounts to go directly to a benefactor, you’ll want to ensure you have a new form drafted for your new bank.

If you own property in multiple states, you will want to work with an experienced estate planning attorney who understands the tax implications of each property and how to ensure they are protected after you pass away.

It is essential to review and update your estate plan with an experienced local estate planning attorney when you move.

Oak Brook Estate Planning Attorney

If you have questions about your estate plan after relocating, please contact us to schedule a free consultation. To learn how to protect everything you have worked for, call us for a consultation at 630-864-5835.

Areas we serve: Cook, DuPage, Kane, Lake and Will counties.