Will and Estate Planning Strategies for Those Making a Move

Moving to a new state is hard enough, considering the physical process of moving all of one’s belongings and other matters that have to be addressed. However, many Florida residents fail to consider the potential consequences of a move with regard to estate planning. Indeed, there may be some important adjustments that need to be made with regard to one’s will, and it all depends on the laws of the new state where one has moved.

First, because the laws that apply to wills and trusts may be different in one state versus another, it is always a great idea to have these documents looked at by a legal professional. Resolving any such issues now may be a way to avoid potential tax consequences and other problems later on down the road.

For example, it is common for estate planning documents to reference the laws of the state where they are drafted. As such, it may be necessary to amend the documents to reference a new state’s laws. Documents pertaining to a living will may also have to be adjusted. Indeed, numerous states have special statutes relating to the treatment of living will documents, and these will all have to be reviewed to see if amendments are necessary. Finally, it will be necessary for individuals making a move review any estate tax codes in the new state to determine if any estate tax planning provisions will be needed.

Fortunately, any estate-planning lawyer can easily amend one’s estate tax documentation to reflect the laws in one’s state. The important thing, though, is to make these adjustments immediately, rather than waiting until it is too late.

Source: TheSpectrum, “Moving may affect estate planning” Scott Halvorsen, Jul. 28, 2014