If you’re planning a move to a different state, you probably have a long list of items to address: securing vehicle registrations, finding new primary care providers, and updating financial records, just to name a few.
As you work your way through your to-do list, don’t forget to review your will and other estate planning documents—because a different state likely means different laws.
State laws for estate planning
While your will is generally valid in any state, it’s worth noting that laws governing wills and most other estate planning documents can vary from state to state. Depending on where you move, you may need to take some extra steps to ensure total enforcement, such as appointing a new executor.
Not only do you need to navigate different state laws, but you also need to stay abreast of changes, because state laws for estate planning often undergo reforms. In order to achieve the desired results and avoid forfeiting certain tax benefits—or, in a worst-case scenario, having your documents deemed obsolete—it’s important to stay up-to-date on current policies. You’ll also want to consider the impact of the new state tax on your pensions and other retirement plans.
Review before you move
To simplify the process in the long term, we recommend reviewing your estate plan before you make the move to a different state. That way, you can determine whether any changes need to be made and revisit your documents accordingly.
Need help? Contact us to work with an experienced tax professional.