Planning For A Secure Future

Estate planning after a move

On Behalf of | Jan 28, 2022 | Estate Planning

If you plan on moving to California from another state, it may be in your best interest to review your estate plan. This is because the laws in your home state may be different from those that you will now be expected to comply with. Let’s take a look at some of the specific steps that you might want to take before your move is complete.

Is your will or trust structured properly?

You should review your will or trust to ensure that it is structured in accordance with state law. Specifically, you’ll want to be sure that your executor is legally capable of defending your estate during probate. If you have a trust, you are encouraged to review the document to determine if assets are properly titled in its name. In the event that you acquire a home, car or other assets in your new home state, you’ll want to update your estate plan to account for them.

What happens if changes are necessary?

Changing a will may be as simple as adding a codicil to the original document. However, if significant changes are needed, it may be best to simply write a new will. A revocable living trust can be altered at your discretion. However, if the trust is irrevocable, you may need to have an estate planning conversation with its beneficiaries. This is because you’ll need their permission to amend or revoke the document.

Reviewing your estate plan is a good idea after any sort of major life event. Doing so may minimize the risk that your will, trust or other plan documents are invalidated.