If you’ve moved to a new state, an estate planning attorney will need to review your estate plan, your trust, and your will to be sure that the documents follow the laws of your new home state. Make sure you get a recommendation from your current estate planning attorney for a new attorney.
The Nevada Appeal’s recent article, “Change to estate planning documents if you moved,” also notes that you will want your new estate planning attorney to review your power of attorney for medical decisions and the power of attorney for financial matters to make sure they are in compliance with state law.
Updating your estate plan and subsequent documents after you switch states will save your family a lot of time, trouble and confusion in the future. While making these updates, be certain the documents show your current goals and desires. If you want to make a change in trustees and/or executors, now is a good time to do that.
Remember that serving as trustee and/or executor isn’t an easy task. It may be possible that one of your children or a close relative is no longer the best choice at this point in time purely based on proximity. Whoever is selected to do that work, will probably work with your CPA and your estate planning attorney. Therefore, you and the person you name should meet and go over all your goals and wishes.
At family Estate Planning Law Group, we encourage family communication and hold a Family Care MeetingTM where you and your family get together to discuss your wishes and your estate plan so everyone is on the same page.
Another idea to consider is leaving an additional letter of instructions for other items like funeral services and burial or cremation instructions. This is something to consider whether you have switched states or not. You can keep the letter with your trust and will. Make sure to tell your family members where it’s located.
If you have a safe deposit box, you might tell your executor or trustee where the key to the box is kept. You may want to keep that key with your important documents. Discuss giving your executor or trustee access to the safe deposit box; you’ll need to visit the bank branch to ensure that authorization to access the safe deposit box is taken care of. Our experience, however, is to consider not having a safety deposit box as access to these boxes are being subject to more and more regulation and keys are oftentimes lost and immediate access is denied.
If you’ve acquired special items such as antiques, valuable jewelry, or collections, you may draft a list of possible appraisers in your area and information about those special items. Another good idea is to take some photographs of the items that need special valuation or handling.
Moving is sometimes a natural part of aging, you might want a change of scenery, cheaper housing, or to live in an area with a good reputation for caring for seniors. When you move, it is critical you update your estate plan and communicate with your family about how your wishes might change and how to make the process easier for them after your passing.
Reference: Nevada Appeal (February 22, 2019) “Change to estate planning documents if you moved”