When people in the Greensboro, North Carolina area reach retirement age and think about moving, they should also take time to think of estate planning as well. Even though moving to a new state won’t necessarily mean that you’ll have to change or revise any of your estate planning tools, it’s always a prudent choice to speak to an estate planning lawyer anyway. Here is why people considering retiring in another state should think of estate planning before they do.
Think of estate planning because state laws are different.
When it comes to estate planning, state laws differ, and often differ significantly. For example, some states have very different laws about last wills and testaments, intestate succession, and other key legal issues that lie at the heart of estate planning.
Fortunately, as long as you made your estate plan with the advice and guidance of an estate planning lawyer, your plans tools will likely comply with the laws of the state in which you created them. Once you move, your new state will have to accept your estate planning tools because they were legally valid in the original state.
Nevertheless, it is possible that there are some estate planning options and choices that you might need to revise after or during your move. For example, you and your attorney might decide that it will simply be easier to rewrite some of estate planning tool, such as your last will and testament, so that there is little question that it complies with the laws of your new state.
Think of estate planning because you are moving far away.
Legal questions aside, estate plans often involve issues of practicality. For example, if you made a power of attorney and named an agent who lives close to you, moving to another state will now mean that your agent is located much farther away. Should the time come when your agent has to act on your behalf, will that agent be able to meet with the people necessary to making decisions for you? For example, will the agent be able to go in and talk to your bank about your financial obligations, accounts, and responsibilities?
It’s always a good idea to review your estate plan if you are moving because of these types of practical issues. If you believe that your previous choices will no longer be practical in your new situation, you should be prepared to update your plan so that it better reflects your new circumstances. If you think of estate planning in these terms and decide that you want to make changes, or need advice, contact us as soon as possible.