Have you recently moved to Illinois from another state? If so, Welcome! There is a lot to do and remember when moving. But, you may not have been told that you will want to update your estate plan when you move to a different state.
Update Your Estate Plan When You Move
You should review your estate plan every 3-5 years or when a major event happens, such as moving to a new state. Taking one afternoon to sit with your estate planner could save your loved ones a lot of time and money after you pass away.
Here are 5 reasons to update your estate plan when you move to a different state:
- Will or trust
You will want to review who you have named as the executor of your will or appointed your trustee. Perhaps this was a family friend or an attorney in your town. Living in a new state may change that.
- Power of Attorney
When setting up your POA, you most likely named someone who lives close to you. That person needs to be able to take over your finances quickly. With a POA, you give someone the power to represent you when you cannot do so.
- Healthcare Directive
Your Healthcare directive states how you want your medical treatment handled. You assign a person to work with the hospital and doctors. For their convenience, you may want to choose someone who lives close to you.
- State Taxes
Estate taxes can differ from state to state.
- Community Property
A community property state accepts that whatever assets are acquired by either spouse are owned by both people. Illinois is not a community property state. You’ll want to update your will or trust to ensure your assets are appropriately distributed.
Working with an experienced estate planning attorney will help you update all aspects of your estate plan.
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.
