Should you update your will if you move?
Estate planning in Illinois isn’t something that you do once: You need to do it multiple times in your life to make sure that your estate is up to date in case the unthinkable happens. If you recently moved to Illinois from another state, is that a major life event that requires you to update your estate plan?
Do you need to update your estate plan when you move to another state?
When you move to another state, it’s time to update your estate plan. This is partially because your assets have changed. Since you’re moving to a new house, you’ll need to update your will to reflect that. You might also sell or accumulate other assets in the process of your move.
More importantly, every state has different laws regarding estate planning. A will that might have been suitable in one state could cause confusion and legal issues in another state. You’ll need to hire an attorney so that you can revise your will according to the new state’s laws.
For example, every state has different laws regarding estate taxes, inheritance taxes and income taxes. If you’re married, each state has its own set of laws regarding martial properties and what your spouse gets after your death. You might also have to place new titles on your properties and choose different beneficiaries. In some cases, you may even have to choose a different executor for your will.
You may also have to review your medical and end-of-life care decisions. Different states could have different medical documents. If you’re in an emergency situation, your care might be delayed if your forms are from out-of-state. This could also make it more difficult for your health care proxy to make decisions on your behalf.
Are you thinking about reviewing your estate plan?
Whether you’re thinking about reviewing your estate plan or writing your will for the first time, an attorney may help you write a comprehensive estate plan. Your plan could consist of a will, decisions for end-of-life medical care and the nomination of an executor and a health care proxy.