New York has a lot to offer, but moving to another state means tackling a long list of things that have to be changed. You must update your address, find new doctors and integrate into a whole new community.
You also need to update your estate plan. That can easily get overlooked in all the activity surrounding the move.
New York may recognize your old will, but that isn’t the only consideration
In general, a move to New York does not automatically invalidate your documents. New York can generally recognize a will that was properly created under the law of other states as well as some other documents. However, an estate plan can be legally valid and fail to work as you intended.
To make sure that all aspects of your estate plan will do the job, it’s important to review the following:
- Your will: Your move to New York may have been predicated on changes in your family circumstances, occupation, marital status, health or any number of other issues. You should review your will to make sure that it still reflects your current wishes.
- Any power of attorney: Even if an out-of-state POA document is valid, your agent may have trouble using it if banks or creditors question it. In addition, you may wish to authorize a different agent if your current one now lives some distance away.
- Your health care proxy: Again, it is wisest to select someone who lives close to your current location so that they will more likely be readily available in a crisis.
- Your trusts: If you have previously established trusts, make sure that the assets you want held in those trusts have been properly transferred.
- Your taxes: Each state approaches estate and inheritance taxes independently. It may be necessary to look at new tax abatement and wealth preservation plans once you move, particularly if you have a large estate.
It’s also important to note that not all state laws treat a surviving spouse’s rights the same way. Your previous state of residence may have handled the issue differently than New York does. That may affect the way that you want your will written or your assets titled.
If you’ve recently moved to New York, don’t let your estate plan be overlooked. Speaking with a seasoned attorney can help you determine what needs to be updated to provide you and your loved ones with more security.