What Rules Can Be Different in Another State?
When you move to another state, some of the laws about your will and estate plan can change. Some rules that might be different here compared to your last place of residence include:
- Laws about spousal property rights
- Estate and inheritance taxes
- Who can serve as an executor
- How trusts work
- How children can inherit your assets
Some of these changes can easily throw a wrench in any estate planning you’ve already done. A particularly good example of this is who you choose as the executor of your will. Iowa allows you to have a person from another state serve as the executor of your will, but you must also pick a co-executor who lives in Iowa. If your chosen executor isn’t moving to Iowa with you, you’re going to need to revise your will.
What If I Have a Holographic Will From Another State?
If you’re moving to Iowa and you have a holographic will, you are definitely going to need to make some updates to your estate plan. You may be coming from another state where that will is valid, but we have some bad news for you. It won’t be valid here.
A holographic will functions much like a regular will, but it doesn’t meet certain requirements. For example, it does not need to be notarized. Some states accept this even though it can be easier to challenge compared to a typical will. Unfortunately, Iowa is not one of those states that accept it. You will definitely have to update your estate plan if you used this kind of document.
Do I Need a Lawyer?
We recommend talking to a lawyer if you want to make changes to your estate plan. You’re in another state with new rules. Make sure that everything is done correctly. Even if the laws here do not differ too much from the rules in your last place of residence, now could be a good time to update your estate plan anyway. We always recommend that our clients revise their plans after major life events, and we believe that an interstate move qualifies.
Contact Our Law Firm
If you are ready to update your estate plan, contact Herting Law, PLLC. Whether you just need to revise a will or you need to create an entire plan from scratch, we’re ready to assist you. Make sure that everything is done legally and correctly to give your family peace of mind.
