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Estate Planning Pitfall: You Haven’t Updated Your Estate Plan After a Move

Have you moved from one state or another, or are you currently planning to move to a new state? People change states for a variety of reasons such as a new job, a more pleasant climate, or to live closer to other family members. There are always some hassles you’ll have to deal with when you move to a new state, including finding new medical providers and updating your driver’s license and other documents.

As part of the planning for this type of move, don’t forget to amend your will and other documents that are part of your estate plan. Although it may not be the most urgent matter to address first, be sure not to put it off as the last thing you do (and especially make sure to not delay it indefinitely).

Don’t forget that the laws governing wills and most estate planning documents vary from state to state. Your will remains generally valid, but it’s important to revisit it and see what laws are different in your new state as well as what may have changed for you personally with your new situation. In extreme cases, it is possible for some estate planning documents to be called into question.

Also keep in mind that state laws for estate planning can often change. These changes could affect the implementation of your estate planning documents, and you might become unable to achieve the results you wanted or may lose certain tax benefits. Your documents could potentially be rendered obsolete in a worst-case scenario. You’ll also want to consider the state tax impact on pensions as well as other retirement plan accounts.

For help creating or reviewing your estate planning documents, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Northbrook, Illinois office.

https://www.jdsupra.com/legalnews/estate-planning-pitfall-you-haven-t-9612859/