If you’ve created and executed an estate plan with the help of an estate planning lawyer Phoenix AZ trusts, you might think you’re all set. Perhaps you’ve thrown it into a safe and wiped your hands clean. But don’t forget about it! A good and effective estate plan stays current and up to date. You should be reviewing your estate plan every couple of years or when there is a major life event. This includes moving to another state.
Wills
Legally, yes, your Will is valid in all states. However, laws vary from state to state and can easily impact or change the desires you outlined in your Will. Some states have specific laws concerning the following:
- Probate: each state has their own laws when it comes to probating an estate.
- Marital Property: this might change the way your interest in real property is held.
- Executors (Personal Representative): some states restrict who that person can be. For ease of execution, it is often considered best to name a local person.
- Advanced Medical Directives and Powers of Attorney: some states explicitly accept out-of-state documents, some don’t. Better to be safe and update all healthcare documents and powers of attorney.
Living Trusts
Living trusts, however, should be valid in any state no matter where you signed it. Moving to a different state will not legally affect the desires laid forth in a living trust. But remember to keep the trust updated, especially if acquiring or selling assets as a result of the move.
Beneficiary Designations
If you have accounts with payable-on-death beneficiary designations, moving to a new state won’t affect those. That agreement is though the institution itself and is likely to be applicable in every state.
Update Your Estate Plan
Moving is often accompanied by other big life changes, such as marriage, purchasing property, having children, changing jobs, etc., which makes it a good time to update an estate plan.
Long story short, you should always update your estate plan when you move to a new state.
Thanks to our friends and contributors from Kamper Estrada, LLP for their insight into updating your estate plan.Call 434-817-3100 or complete a Case Evaluation form
