Should you update your estate plan after a move? Consider how this may benefit you.
Keeping your estate plan up-to-date is crucial to maintaining a plan you’re happy with. An up-to-date will, trust, and other documents will make sure that you and your family are taken care of in the event of sudden injuries, death, or other scenarios. Estate laws influence how you construct your estate plan, so when you move, you may have to reassess it to ensure it complies with all local statutes and regulations. Additionally, you may have to make changes related to the future ownership of your new home. No matter what you want to evaluate, your estate planning attorney at The Millman Law Group can help you determine the necessary changes. If you update your estate plan after a move, the following documents may need to be adjusted.
Wills and Trusts
After you move, ensure any new assets are included in your will or trust. Look into the laws regarding marital property and determine whether any revisions are needed to plan for asset distribution. Finally, consider whether the person you have appointed as your executor is still a good choice. Is it still practical for them to handle estate administration after your passing? If you’ve moved far away from this person, they may be an inconvenient choice.
Advance Directives
Depending on where you move, stricter requirements may be in place for granting authority for advance directives. Review your current documents to ensure they meet your local authority’s standards. If it doesn’t meet those standards, this can cause delays in the future when you need to activate the advance directive.
Power of Attorney
Although most states will recognize the power of attorneys and health care directives established in other states, updating these documents after your move may be beneficial for practical reasons. You may need to update your estate plan and power of attorney to appoint someone closer to you for optimal convenience.
Estate Beneficiaries
As you update your estate plan after a move, consider the beneficiary information on your life insurance policies, retirement plans, and pensions. The move itself should not affect these details. Still, it can be a great time to double-check that your preferred beneficiaries are on record with your employer and that your personal information (including residence) is correct.
As with all significant life events, moving to a new home is a great time to reflect and check on your estate plan. Your estate plan should be modified and adjusted during your lifetime to ensure you are always aware of and satisfied with your plan.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.