Why Updating Your Estate Plan Following a Relocation is Imperative
Are you aware that in today’s dynamic American society, people have become more mobile than ever before? Whether driven by the pursuit of better job opportunities, warmer weather, lower taxes, or simply a desire to be closer to family, relocating to a different state has become a common occurrence. However, what many individuals fail to realize is that such a move can significantly impact their estate planning. Each state has its own unique laws governing estate plans, meaning that your existing planning tools, such as wills and powers of attorney, may not function as intended after the move.
While some aspects of estate planning remain consistent across states, it is crucial to exercise caution. Different states have varying rules concerning document execution, witnesses to will signings, disinheriting children, and even marriage and divorce. Leaving your legacy to chance due to a lack of awareness about these differences is an unnecessary risk. To safeguard your wishes and ensure the validity of your estate plan in your new state, seeking the counsel of an estate planning attorney in that state is highly advisable.
Updating your estate plan to align with the execution requirements of your new state will guarantee the enforceability of your documents. For example, in some states, there are family and residential rules for the personal representative named in your last will and testament. This personal representative plays a crucial role in handling your affairs after your passing, making it essential to comply with the state’s specific requirements. Failing to do so might lead to complications during the probate process, potentially excluding your chosen representative from serving in that capacity.
One document that generally withstands the test of state borders is your trust agreement. Trust planning, orchestrated with the guidance of an experienced estate planning attorney, can be instrumental in avoiding the probate process upon your passing. If you do not already have a trust agreement as part of your estate plan, it may be wise to explore its advantages with your estate planning attorney when revisiting your existing plan.
Fortunately, starting from scratch may not be necessary if you already have a comprehensive estate plan. The need for a complete overhaul will depend on your specific circumstances, and it is best to discuss this with your estate planning attorney. Additionally, if more than three years have passed since your last estate plan revision or if significant family changes, like the birth of a child, have occurred, it is advisable to consider updating your estate documents regardless. An estate planning attorney can review your plan, advise on necessary changes, and even connect you with a trusted attorney in your new state.
As we delve into these intricacies of estate planning and interstate moves, it is natural for questions to arise. The most important takeaway is the significance of seeking professional advice to navigate this complex process successfully. Estate planning is an investment in your legacy and ensuring that your wishes are honored, no matter where life’s journey takes you.
Have you recently moved to South Carolina and need to either update your out-of-state estate plan or create an estate plan? We are your South Carolina law firm and can help. We want to help you and your family answer your questions. We are your local, experienced, law firm! At Jabber & Isaac, we are dedicated to providing the best legal counsel in a caring and compassionate way. If you are looking for a premier law firm in the Midlands area of South Carolina, look no further than Jabber & Isaac. To learn more about our firm, we encourage you to contact us today to schedule an appointment to meet with one of our attorneys.
