If you’ve recently moved to another state or you’re considering moving, you may wonder how it will affect your estate plan. Should you discard your will and start over? What documents are still valid? States can have different laws regarding estate planning, so it’s best to consult an estate planning attorney in your new state. Today, the Davidson Law Group offers some advice for estate planning after you have moved to a new state.
Most people should get new estate planning documents (will, trust, power of attorney) that meet the legal requirements of their new state. On the plus side, you’ve already chosen your documents and outlined the goals for your family. So, “starting over” should be less complicated, especially when you have an estate planning attorney at your side.
Think About a New Will
If you wrote a will in your old state and it was valid there, it’s likely valid in your new state, too. Nevertheless, there are a couple of potential issues with out-of-state wills, so you should consider writing a new will.
Your executor is the individual you name in your will to complete your estate plan after you pass. Some states put restrictions on who can serve as your executor. In Florida, for example, your executor must be a Florida resident or related to you by blood. Many other states allow out-of-state executors but place additional requirements on them. Your best option is to have a local executor. So, although your will remains official, consider naming a different person as your executor.
Related Post: Executor Restrictions in Texas
Marital Property Rules
If you’re married and move from a common law state to a community property state (or vice versa), the rules can change regarding what you and your spouse own. It depends on where you move. Texas is one of nine community property states, where all property acquired during a marriage is generally owned equally by each spouse. In common law states, each spouse usually owns what’s in his or her name (by themselves).
If you move to a community property state, the state may not treat your property the way you and your spouse want. For this reason, we recommend that you make new wills and contact an estate planning attorney in your new area.
Related Post: Estate Attorney Advice: Inheriting Out-of-State Property
Look at Your Living Trust
A revocable living trust should be valid in any state, regardless of where you signed it. However, you should examine it to make sure it’s current. It’s common for people to acquire real estate in their new state. If this applies to you, consider holding the property in the trust so that it can avoid probate.
Establish Your Texas Legacy Today
If you’re ready to create your estate plan and establish your Texas legacy, contact Davidson Law Group today. We serve clients in the Dallas area, with offices in Fort Worth, Allen, or Tyler. Call us to set up your free consultation. We look forward to helping you.