If you previously worked with an estate planning lawyer to create a revocable living trust, make sure you stay on top of any edits to your plan that may be required when you move. Your trusts should primarily remain valid if you decide to relocate to another state. However, it is important to be mindful of state laws that could affect things like marital property.
If you intend to buy a new home, for example, you will need to transfer that asset into the trust. Revocable living trusts are some of the most powerful and popular estate planning tools because they provide additional control over asset disposition and shield these private assets from public scrutiny. This can also reduce the length of time that it takes to settle an estate and can save money when properly structured.
Every state across the country takes its own approach to inheritance related issues, but also views trusts as valid legal contracts. This means that you do not have to draft a new trust document if you move to a new state, but state law differences on inheritance and property should prompt you to review your trust documents. State laws vary considerably, such that a change in trust provisions may be required to ensure that your trust still accomplishes the same rules.
If you’re moving from states that have or to a state that does now have estate taxes on top of the federal estate tax, you may want to determine how this affects your estate plan, for example. Set aside a time to meet with a qualified estate planning lawyer in Virginia Beach today.