Essential Reasons to Update Your Estate Plan When Relocating to Another State

Have you recently moved to another state? Was your move because of better job opportunities, warmer weather, lower taxes, or a desire to be closer to family? Were you aware that moving to a different state has become a common occurrence in today’s dynamic American society? In fact, people have become more mobile than ever before. However, did you realize that your move to another state could impact your estate planning? You should know that each state has its own unique laws governing estate plans, meaning that your existing planning tools, such as wills and powers of attorney, may not function as intended after your move.

There are some aspects of estate planning that remain consistent across states, but it is crucial to be careful. Rules vary in different states concerning document execution, witnesses to will signings, disinheriting children, and even marriage and divorce. You do not want to leave your legacy to chance due to a lack of awareness about these differences. Therefore, we highly recommend that you safeguard your wishes and ensure the validity of your estate plan in your new state by seeking the counsel of an estate planning attorney in your new state.

Updating your estate plan to align with the execution requirements of your new state will guarantee the enforceability of your documents. For example, in states like Texas, the executor named in your last will and testament can be a trusted and competent individual chosen by you. They do not have to be a resident of Texas, but they must be over 18, be of sound mind and not have a criminal record. In addition, they must appoint someone who lives in Texas to receive legal paperwork on behalf of the estate. Your executor plays a crucial role in handling your affairs after your passing, making it essential to comply with the state’s specific requirements. Failing to do so might lead to complications during the probate process in Texas, potentially excluding your chosen executor from serving in that capacity.

Now, however, one document that generally withstands the test of state borders is your trust agreement. Trust planning, orchestrated with the guidance of an experienced estate planning attorney, can be instrumental in avoiding the probate process upon your passing. If you do not already have a trust agreement as part of your estate plan, it may be wise to explore its advantages with your estate planning attorney when revisiting your existing plan.

Fortunately, if you already have a comprehensive estate plan you may not need to start from scratch with your estate planning. The need for a complete overhaul will depend on your specific circumstances, and it is best to discuss this with your estate planning attorney. That being said, if it has been more than three years since your last estate plan revision or if significant family changes, like the birth of a child, have occurred, it is advisable to consider updating your estate documents. An estate planning attorney can review your plan, advise on necessary changes, and even connect you with a trusted attorney in your new state.

As we look into and examine these intricacies of estate planning and interstate moves, it is natural for you to have questions. However, the most important takeaway is the significance of seeking professional advice to navigate this complex process successfully. Estate planning is an investment in your legacy and ensuring that your wishes are honored, no matter where life’s journey takes you.

We know this blog may raise more questions than it answers and we want to answer them. We strive to bring families closer and make businesses stronger through legal planning. Attorney Gerald Winters is proud to serve the community of Round Rock, Texas, and the Greater Austin area in Estate Planning, Probate and Estate Administration, Elder Law, Business Consulting, and Tax Planning. Whether you run a small business or a nonprofit or are an individual looking to improve your financial security, Gerald Winters is here to help you create a customized plan for your future, contact me today to see how I can help you.