Moving to a new state can be an exciting and challenging time. It can also be a time of significant change, particularly when it comes to estate planning. If you have previously created estate planning documents in another state, it is important to have them reviewed by an attorney when you move to a new state. Here’s why.
State-Specific Laws
Estate planning laws vary from state to state. This means that estate planning documents created in one state may not be valid or enforceable in another state. For example, the requirements for creating a valid will or trust may differ from state to state, as may the rules around probate and estate administration. By having your estate planning documents reviewed by an attorney in your new state, you can ensure that your documents are valid and enforceable under local laws.
Tax Implications
State estate and inheritance taxes can also vary from state to state. If you have previously created estate planning documents in a state with different tax laws, you may need to make changes to your plan to ensure that your assets are distributed as you intend and to minimize tax liability. An attorney in your new state can review your documents and advise you on any changes that may be necessary to ensure that you are taking advantage of all available tax planning opportunities.
Asset Ownership
The way that you own your assets can also impact your estate plan. For example, if you have previously created a trust or established joint ownership of assets in another state, you may need to make changes to ensure that your assets are properly titled and owned in accordance with your new state’s laws. An attorney in your new state can review your assets and advise you on any changes that may be necessary to ensure that your assets are properly titled and owned.
Peace of Mind
Finally, having your estate planning documents reviewed by an attorney when you move to a new state can provide peace of mind. Estate planning can be complex, and the laws around it can be confusing. By having an attorney review your documents, you can ensure that you understand your options and have a plan in place that reflects your wishes and meets your needs. This can provide peace of mind and help ensure that your loved ones are taken care of in the event of your incapacity or death.
In conclusion, if you have previously created estate planning documents in another state, it is important to have them reviewed by an attorney when you move to a new state. By doing so, you can ensure that your documents are valid and enforceable under local laws, take advantage of all available tax planning opportunities, ensure that your assets are properly titled and owned, and provide peace of mind that your plan reflects your wishes and meets your needs.
