Did you know that most estate laws are governed by state law, and not federal? That’s why any kind of relocation to another state, for retirement or a new job, should have you finding an estate planning attorney and making an appointment soon after you move.
If you’ve moved to a new state, an estate planning attorney will need to review your estate plan and your will to be sure that the documents follow the laws of your new home state.
The Nevada Appeal’s recent article, “Change to estate planning documents if you moved,” also notes that as long as you're working with the attorney, it would be a wise move to also have her prepare a power of attorney for medical decisions and the power of attorney for financial matters to be in compliance with Nevada law.
Making those changes can avoid a lot of time, trouble and confusion in the future for you and your family.
Another thing to consider while you're making those changes, is to 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. Whoever is selected to do that work, will probably work with your CPA and your estate planning attorney. Therefore, it might be a good idea for you and the person you name to meet and go over all your goals and wishes.
In addition, many people leave an additional letter of instructions for other items like funeral services and burial or cremation instructions. You can keep the letter with your trust and will. However, you also should discuss it and 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.
If you’ve acquired special items such as antiques, valuable jewelry, or collections, you may draft a list of possible appraisers and information about those special items. Another good idea is to take some photographs of the items that need special valuation or handling.
Some people prefer to make gifts, especially of items with great sentimental value, while they are still living. This way they can be sure the right person receives their gift, and if that person doesn’t really want the gift, it can be given to someone else.
Reference: Nevada Appeal (February 22, 2019) “Change to estate planning documents if you moved”
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