Does Moving Affect Your Estate Plan?

On Behalf of | Apr 12, 2023 | Estate Planning |

Even if you do not have many assets, it is advisable to write an estate plan. This plan directs what happens to your assets after your death. It might even include provisions for dealing with incapacitating illnesses. Still, writing an estate plan is something most Americans never do.

According to reporting from CBS News, only approximately 40% of Americans have an estate plan. While finishing yours is certainly an impressive achievement, you want to be sure your plan always reflects your genuine wishes. Moreover, you want your estate plan to be valid, regardless of where you live.

A matter of state law

Estate planning is something that falls within the purview of state law. Indeed, while there certainly are similarities between states, each of the 50 states has its own laws, rules and regulations that affect estate plans. As a result, your existing state plan might not pass legal muster in your new state. On the other hand, your new state might have some rules you can use to your advantage.

A good practice

Even if you must make a few changes to your estate plan after moving to a different state, reviewing your estate plan every time you relocate is a good practice. This is because it is advisable to regularly review and revise your planning documents. After you settle into your new residence, take a few moments to read through your estate plan to ensure it remains current.

Ultimately, even though moving can be hectic, you do not want to overlook your estate plan when going through major life changes.