When it comes to estate planning, there are a lot of different factors that require careful consideration, from decisions involving beneficiaries to giving someone authority over an estate plan. However, some people face an especially difficult time as a result of relocation, especially if they are moving to another state.
In this blog, we will go over some of the issues that come up when people move into a new home out of state and buy or sell property. If you recently moved or are planning to relocate soon, it is time to take a look at your estate plan and ensure that these concerns are addressed properly.
Property and beneficiaries
For starters, some people have to update their estate plan after purchasing a new home or buying land. Moreover, the sale of property also necessitates estate plan modification. Many people who move into a new home have difficulty dealing with these matters because of various stressors related to relocation, such as feeling fatigued after the move and adjusting to life in a new area. However, it is critical to carefully evaluate the way in which one’s estate is impacted by relocation.
Other issues
There are many other issues to go over as well, especially since the laws vary from one state to the next. For example, those who move to another state often need to take a second look at legal considerations related to their estate plan and the way in which it is impacted by the move. Certain parts of an estate plan require modification as a result of the laws in another state and some parts of a will or trust even become void. Ultimately, this depends on the state you move to and the unique details surrounding your estate plan.
Our law firm covers many other topics related to making changes to an estate plan and we understand the amount of pressure that many people are under when dealing with estate planning issues before or after a major move.