Moving is among one of the most stressful life events for many, especially when crossing state lines. Between updating your information to reflect your new address to packing your life up into small boxes, this can be an incredibly stressful time. However, one thing many people do not take the time to do is update their estate plan following their out-of-state move. If you are going through this process, understanding why this is so important and how Pennsylvania estate planning attorneys can help you make the necessary changes is critical. Luckily, the following blog can help.
Why should I update my estate plan after I move to a new state?
When you create an estate plan, there are many considerations you must make. One of the most important things is ensuring that the language used in your will, trust funds, and powers of attorney follow your state’s laws. Unfortunately, the language used in states may vary, thus invalidating your estate plan. Not only can this impact how your assets are distributed and whether or not your beneficiaries are cared for, but it can also impact the care you receive if your advanced healthcare directive is not up to date.
What changes do I need to make?
In addition, your estate planning documents should reflect your new real estate properties and assets. For example, if you move to a larger home, you’ll want to ensure you can accurately assess its value to make any changes as necessary to ensure your will accurately reflects your wishes. For example, if your old home was worth $400,000, and you left it to one child while the other received assets of equal value, and your new home is more valuable than the other, you may want to update the will to reflect this change to ensure your children receive equal inheritances.
Though the bulk of your estate plan may remain the same, certain elements, like your executor, may differ. In some states, like North Carolina, you cannot name someone who lives out of state to serve in this role. As such, when you move to Pennsylvania, you may be able to change who you wish to be the executor of your will.
Unfortunately, trying to navigate the process of updating a will and altering the terms can be complex. As such, it’s in your best interest to connect with an experienced attorney who is familiar with the language used in Pennsylvania estate law to make changes to your estate planning documents as necessary.
As you can see, this can be a complex process. Luckily, the team at Friedman Schuman is ready to help. Our dedicated attorneys will do everything possible to help you navigate these matters. Contact us today to learn how we can help you update your will to reflect your wishes if you move to Pennsylvania.
