Should I Update My Estate Plan If I Move to Another State?

You already have a lot on your plate when you’re making a big move to a new state, but one thing you cannot forget about is your estate plan. You have to make sure that your plan accounts for the laws in your new state of residence, and you want to be sure that your beneficiaries do not run into any trouble when you pass away. A Woodland Hills, California estate planning attorney can take a closer look at your plan and help you figure out what needs to be adjusted.

Do Rules About Estate Plans Differ From State to State?

While many legal documents stay valid even as you move from state to state, different rules could actually affect your estate plan and how your assets could be passed onto beneficiaries. Some things to be concerned about include:

  • Whether you can have an out-of-state executor
  • How the probate process works
  • Whether rules about marital property are the same in both states

Any changes to the rules could affect your estate plan and how you pass on assets to your loved ones. For example, some states treat marital property as community property, meaning that it’s owned jointly by the couple. Other states only recognize property as being owned by whoever has it in their name. Moving from states with different rules about marital property could make it necessary to adjust your estate plan.

Do I Need an Estate Planning Lawyer?

Some parts of your estate plan are easy enough to handle, but we recommend having some help from an experienced attorney with knowledge of state rules and regulations. This can save you significant amounts of time and make the entire experience far less stressful.

We can answer any questions that you have about wills or powers of attorney. We can also help you check in on any trusts you have set up. Now’s a great time to make sure that all of the assets that you want to make a part of your trust are in there. This can ensure a smoother process for your beneficiaries.

Should I Update Anything Else When I Move to a New State?

Speaking of your beneficiaries, some of your accounts might already have beneficiaries assigned to them. Retirement accounts and other types of accounts often allow you to transfer them to a living relative when you pass away. Life insurance policies have set beneficiaries as well. Make sure that everything is going to the right places, and if you have to make any changes we are ready to help you.

Schedule Your Appointment Today

Whether you need to make some updates due to your new residence or you have some other good reasons for changing your estate plan, we’re here to help. Contact the Law Offices of Yacoba Ann Feldman and ask to schedule an appointment with an estate planning attorney today.

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