If you have moved to a new state, as is increasingly common in people who are looking forward to retirement, it is important to remember that you may need to update your estate planning documents, particularly because you are probably selling or buying a new house.
Under Article 4 of the U.S. Constitution, every state is responsible for giving full faith and credit to the laws of every other state. So long as your estate planning documents are not invalid with respect to the laws of your current state, they are generally valid. This is true if you move, but if you are visiting another state as well. Many states have similar laws that allow reciprocity of the estate planning documents, which means they are usually on it to the extent they are not inconsistent with the laws of the new state. There are certain circumstances, however, that may differ from one state to another. The rules are different with contracts.
Trusts can usually be portable throughout the United States. If you do move to another state, your estate planning documents like a health care power of attorney, your financial power of attorney and your will, will now be governed by the laws of your state of residence or the laws in which you are currently located. Specific statutes are outlined in every state regarding the health care powers of attorney and financial powers of attorney. This is why itโs a good idea to set up a consultation with an experienced estate planning lawyer as soon as possible after you move to determine whether any statutes exist in your new state that could potentially impact your future. Consulting with a knowledgeable estate planning attorney in Pasadena is valuable.
