There’s a lot to keep track of when you move to another state, and one thing that should not fall through the cracks is your estate plan. Depending on the laws in your former state and the laws in your new place of residence, you may need to adjust some parts of your estate plan or at least make contingencies for changes in rules or procedures. That can seem like a lot of work, but you don’t have to worry too much. A Rockland County estate planning attorney from our firm can make it easier to make the necessary updates.
Do I Need a New Executor in a New State?
Some states require you to have an executor who lives in the state. New York is not one of them, but New Jersey has some requirements that out-of-state executors have to meet. You might also just find it easier to appoint an executor who lives in the state. It’s not a bad idea to review your estate plan after a major life event, like a move to a different state, so now could be a good time to meet with our attorneys and make sure that everything is in order with their help.
Are My Trusts, Powers of Attorney, and Other Parts of My Estate Plan Valid in a New State?
For the most part, most legal agreements concerning your estate plan should be valid when you move to a new place. A new state should honor your will and powers of attorney, as long as they meet the legal requirements of the state. It’s still a good idea to check if they are valid though, and now may also be a good time to make sure that any trusts that you have are fully funded with any assets that you want to pass down to your beneficiaries.
Can Rules About Marital Property Differ From State to State?
It’s also possible that rules about marital property are different in the state that you moved to. Some states treat property differently and that can complicate how some assets are passed to beneficiaries, including surviving spouses. You’ll want to make sure that your estate plan is updated and equipped to deal with the rules set by your new state of residence.
What Else Should I Update After Moving?
Now may be a good time to take a look at insurance policies, retirement accounts, and any other similar asset where you have named a beneficiary. You want to be sure that these accounts transfer to the right people when you pass away. Let’s say you moved because of a divorce and your former spouse was listed as a beneficiary on those accounts, you would probably want to change that.
Contact Our Lawyers Today
So if you believe that your estate plan might need some updates after a move, contact the Lauterbach Law Firm. We can help you ensure that all of your plans are up to date.