Whether for work, to be closer to family or for any endless number of reasons, moving to a new state can be an exciting opportunity. There are a few things that can get easily overlooked during the moving process, though. Estate planning laws vary from state to state, so new Georgia residents might not realize that they need to update their estate plans.
While existing plans are generally still valid after moving across state lines, they may be less effective than before. For example, a plan built around estate taxes for another state might not offer the same protections in Georgia. It might be necessary to make changes to prevent any unintended outcomes regarding taxes upon one’s death, especially as this may cut into an heir’s inheritance.
It is common to choose a trusted friend or relative to be an executor for one’s estate, but this can get complicated after moving. Having an out of state executor can make things unnecessarily complicated and time-consuming, so it may be more prudent to select a new executor who resides in the same state. Powers of attorney may need to be reviewed as well, including those for both health care and financial matters.
Most individuals should be sure to regularly review their estate plans and make changes as needed. However, it is also useful to conduct a review after significant life changes, such as marriage, the birth of a child or moving to a new state. Those who are unsure of where to start may want to speak with an attorney who is familiar with Georgia state law.