When you think about the most stressful life events, many assume divorce or the death of a loved one would take the title. However, many agree that moving is one of the most taxing events. This becomes even more overwhelming when the move is out of state. Though you likely have several things to do in preparation, one thing you should not forget to do is to update your estate plan. Unfortunately, this is not at the top of many mover’s priority list, which can have intense implications down the line. The following blog explores why taking these steps is so crucial and what documents you’ll need to update with the assistance of a Medina, Ohio estate planning lawyer.
Why Should I Update My Estate Plan After Moving?
Following an out-of-state move, you’ll have several important considerations to make. However, failure to make the necessary changes can have negative impacts on the distribution of your estate.
Generally, your Will, Trusts, Healthcare Proxies, and other documents will be written in accordance with the laws of the state you live in. As such, taking the necessary time to review and update any language in these documents to ensure they reflect Ohio laws is critical. Failure to do so could invalidate the terms of these documents, meaning your wishes may not be met upon your passing.
What Changes Should I Make?
Generally, you’ll want to go through all the documents you have established and ensure they are up to date.
You may wish to start with your Will, where you may want to update your will to add new property to the document. This also allows you to revisit the terms of your plan to ensure it still reflects your wishes. For example, if you have two children and one was set to inherit your old home, while the other child received assets of an equal value, your new home may be worth more than the previous. As such, you may wish to make the necessary changes to help ensure your wishes are reflected.
Additionally, some Powers of Attorney may not be recognized in your new state if they do not meet the legal requirements. Ensuring you review these documents and the language included is critical.
How Can a Lawyer Help Me?
If you are moving to a new state and are worried about the validity of your estate planning documents, it’s in your best interest to connect with an experienced estate planning attorney. They will review your current plans to check the language used and help you make the necessary changes to best protect your assets and Beneficiaires.
At Krause Law, we understand how complex these matters can be, especially if you are new to Ohio and unfamiliar with estate planning laws. Luckily, our team is ready to assist you during these complex matters to help ensure your documents reflect your wishes. Connect with our firm today to learn more.
