What Can Change When I Cross State Lines?
To the surprise of many, a few different things can change when you cross state lines, necessitating some changes to your estate plan. You may find that you need to appoint a new executor for your will if your current executor does not reside in the same state as you. If that’s not a requirement, you may need to appoint an in-state co-executor instead.
Many other documents, like power of attorney and wills, should be recognized in a new state. It’s always a good idea to check with an estate planning lawyer before you assume anything though.
Could There Be Different Probate Rules in a New State?
Something else to remember is that probate, the court process for distributing your estate after you pass away, can vary greatly in different states. If you move to a new state you should make sure that your will and estate plan are compatible with the process.
Does Every State Treat Marital Property in the Same Way?
Another thing to keep in mind is that not every state treats marital property in the same way. This can cause issues if you pass away without an updated will and beneficiaries begin to argue over assets. Some states are community property states, which means that marital property is owned jointly by you and your spouse. Iowa is not. So if you move from a community property state to Iowa, it can’t hurt to check on your estate plan and make sure that what you want to happen to marital properties when you pass away is made clear.
Should I Update Anything Else After Moving?
It’s not a bad idea to double-check your bank accounts or life insurance policies after a move. While a move to a new state should not affect anything, now can be a good time to make sure that all of your info is up to date and that pay-on-death or transfer-on-death accounts have the correct beneficiaries.
This can also be a good time to update your living trust and make sure that all assets that you want to be a part of it are a part of it. Did you buy a new home in your new state? Maybe you want to place it in your trust.
Contact Our Estate Planning Attorneys
If you’re concerned about your estate plan after a move, we can help you. Contact Herting Law, PLLC and schedule a consultation with our team. We can make sure that your estate plan is complete and that you and your family will not have to deal with any unexpected complications down the line.