Don’t forget about your estate plan, if you move to a new state.
If you are planning to relocate in retirement or at any other time for that matter, it is a good idea to look over your estate plan to see if it is valid in your new state of residence, according to the Boca Newspaper in “I’ve Relocated To Florida…Should I Update My Estate Plan?”
If an estate plan hasn’t been created, a relocation is the perfect opportunity to get this important task done. Think of it as preparation for your new life in your new home.
Because so many retirees do relocate to Florida, there are some general rules that make this easier. For one thing, most wills that are valid in another state are recognized in Florida. There’s a specific law in the Florida statutes that confirms that “other than a holographic or nuncupative will, executed by a nonresident of Florida… is valid as a will in this state if valid under the laws of the state or country where the will was executed.”
In other words, if the estate plan was prepared by an estate planning attorney and is legally valid in the prior state, it will be valid in Florida. Exceptions are a holographic will, which is a handwritten will that is signed by the person with no witnesses, or a nuncupative will, which is a verbal statement made in front of witnesses.
However, just because your will is recognized in Florida, does not mean that it doesn’t need a review.
There are distinctions in Florida law that may make certain provisions invalid or change their meaning. In one well-known case, a will was missing one sentence—known as a “residual clause,” a catch-all that distributes assets that are otherwise not specified. The maker of the will wanted everything to go to her brother. However, without that one clause, property acquired after the will was created was not included. The court determined that the property that was acquired after the will was created, would go to other relatives, despite the wishes of the decedent.
Little details mean a lot when it comes to estate plans.
It’s important to ensure that the last will and testament properly expresses intentions under the laws of your new home state. As you review or begin the process, this might be the time to speak with your estate planning attorney about whether any trusts are applicable to your estate. A revocable living trust, for example, would avoid the assets placed in the trust having to go through probate.
This is also the time to review your Durable Power of Attorney, designation of a Healthcare Directive, Living Will and nomination of a pre-need Guardian.
An estate planning attorney can advise you in creating an estate plan that fits your unique plan and then advise you on keeping it up to date.
Reference: Boca Newspaper (May 1, 2019) “I’ve Relocated To Florida…Should I Update My Estate Plan?”