While it is important to build an estate plan in the first place, it is even more important to manage it over the years. After all, what was true to your life ten years ago likely no longer remains true to it today.
But how do you know when it is time to review your estate plan? Some situations call for it more immediately than others, and this can include moving.
Moving creates estate problems
Forbes discusses when it is time to review your estate plan, which many people end up missing. Some do not even know that reviews and updates should happen with an estate plan with some regularity.
One overlooked reason to review and update an estate plan? Moving. Every state has its own way of handling estate laws. This means that what abided by the laws in your last state may not apply to your current state.
Situations have happened where a person moved from one state to another and did not review their estate plan, and then passed away. Their relatives then found out that the estate plan was actually invalid in the new state, meaning the careful planning their loved one put into asset management and division no longer applied.
Of course, if you just move from one city to another within the same state, chances are your estate plan will still have the same validity. But it does not hurt to check and make sure, as even cities within a state could have different laws regarding the management and validity of estate plans. In the end, it is simply better to be safe than sorry.