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Estate planning after a move

On Behalf of | Jul 28, 2022 | Estate Planning

When you move to a new state, one of the things you have to think about is what to do with your estate plan. Estate planning laws vary between states, so now that you’re in Delaware, you need to make sure that any plan you have is as protective in this state as it was in the one you came from.

There are a few things to do when updating your estate plan after a move. Here’s what you should remember.

Update the legal documents themselves

Every state is different in how it approaches the law. Your original estate plan will be designed to fit the rules and regulations of the state. The terminology used may be different, and the paperwork may not be identical or binding in this state.

In those documents, you’ll also need to update your personal information, like your new address or where you want to receive medical care. Make sure everything contained within the documents points to Delaware-based support, unless there is a reason you want someone or something from out of state included.

Consider your powers of attorney

Another thing you have to think about is who you have down as your powers of attorney. You may have someone you selected to take care of your financial needs in the case of incapacitation. You might have selected someone to make medical decisions on your behalf as well. It should be your priority to review those names and decide if they will be able to provide the same support in the future. If they’re too far away, you may want to name new agents in your estate plan.

Update your trusts

Finally, if you have trusts in your estate plan, those need to be updated as well. Being in a new state might affect the way a trust is taxed, for example.

These are a few reasons why you need to update your estate plan in a new state. Now is a good time to begin learning more about how your estate should be handled in this state, especially if you plan to stay in Delaware for the long-term.