If you’re getting ready to move to a new state, consulting with a local estate planning lawyer is in your best interests.
When you relocate, you’ll want to make sure you’ve done everything you can to avoid headaches. That includes updating your estate plan documents, as they must be in full compliance with state law. Here’s a brief rundown of what you may need to do to meet the legal requirements.
Most states accept out-of-state wills – so as long as your last will and testament was executed properly, you may not need to draft a new one. You should, however, speak with an estate planning lawyer to prevent potential issues with the following:
If you have a revocable living trust, you don’t need to worry about whether it will be valid in your new state. That should be the case as long as the trust was created in accordance with state law – but you may still need assistance from a local estate planning lawyer.
With a living trust, the main consideration is to make sure all of the assets you want to pass directly to your beneficiaries are included. If you’re buying a new home or acquiring other property during your move, you might need an estate planning attorney to revise your trust.
Like a revocable living trust, a living will – also referred to as an advance healthcare directive – should be applicable regardless of where you live. That being said, some states have no laws pertaining to living wills, which can affect how your instructions are followed.
Since every state treats advance directives differently, you may want to consult with a local estate planning lawyer. An attorney can confirm the validity of your living will in your new state or, if necessary, write a new one that meets the legal requirements.
If you have a financial or medical power of attorney (POA) in place – and you’re certain the document was properly executed according to state law – it should be valid in your new location. However, that doesn’t mean you don’t need to update your POA when you move.
Banks and other institutions are familiar with the POA forms used locally, and any document that doesn’t contain the customary language may not be immediately accepted. To avoid delays, it’s a good idea to have an estate planning attorney execute a new power of attorney.
For expert assistance with all of your estate planning needs, turn to the experienced professionals at Schultz and Kellar.
Our legal team works with clients throughout the Dallas-Fort Worth metroplex area, and we’d be happy to update your estate plan to ensure the documents are in accordance with Texas state law. To schedule a consultation with a local estate planning lawyer, contact Schultz and Kellar in Southlake today.