If you are moving out of state, then you have a lot of thoughts and concerns on your mind. But you don’t want to forget about your estate plan. It is critical that you review and update your estate planning documents when you move to a new state.
Fortunately, you have already done the hard part – deciding what documents you want, what you want in your documents, and what you want to accomplish for your family. However, you now need to make sure that all of your estate planning documents are in full compliance with your new state’s laws.
Last Will and Testament. The good news is that most states will accept out-of-state Wills. You should still have it reviewed by an attorney in your new state because each state has its own laws regarding different aspects of your Will. For example, you want to make sure that the person you have appointed as Personal Representative is still able to serve in that capacity in your new state. Most states allow out-of-state Executors to serve but have special requirements. Also, if you are married, then you want to consider how your new state treats marital property. The probate process can differ in each state as well, which may require you to draft a new Will with proper language. Meeting with an attorney will allow you to review your Will and make sure it complies with the new state laws.
Trusts. If you have a Revocable Trust, then it should still be valid in your new state. You want to make sure, though, that your Trust is properly funded. For example, if you buy a new home when you move, then you may want to revise your Trust.
Advance Directives for Health Care. Advance Directives for Health Care are usually valid across state lines. However, each state has its own forms, provisions, and language so it may be best to draft new health care directives to make sure they comply with the new state laws. Also, you may want to revise your directives to name someone who lives near you, for convenience’s sake.
Power of Attorney. Powers of Attorney are valid in all states if they meet the state’s legal requirements. It may not be immediately legally valid so you want to make sure that yours is valid under the new state’s laws. Similar to your health care documents, you may want to consider naming an attorney-in-fact who lives closer to you.
Even if you feel that your estate planning documents are still valid in your new state, moving is a good time to make sure that your estate plan is current and up-to-date. It is a good idea to get an estate planning attorney in your new state to help you review and update your estate plan. If you are new to Indiana, our attorneys would be happy to help you review your estate plan and update any necessary documents.