A will is a legal document that serves to outline your wishes in regards to how you would like your children to be cared for and the distribution of your assets upon your death. This document is imperative in guaranteeing that your wishes and best interests are met to the greatest extent possible. Without a will present, the court will be responsible for making the decisions concerning your assets and loved ones. In most cases, the court’s decision does not align with the plans you initially had in mind. A will is not permanent, for you must be able to make changes in relation to the changes that take place in your life. With the passing of time or the occurrence of any major event that changes your financial assets you may make changes to your will that reflect these changes in your life. In the case that an individual stated as a beneficiary within the will passes away, you will need to update your will. Additionally, in the case that your financial assets have grown, you will need to update your will to create a plan for those assets. Changing a will is not difficult as long as you have the proper guidance and support of an esteemed Estate Planning Attorney. Your will may or may not be valid if you relocate to another state based on which state your will was created in and the state you are moving to. The lawyer will assist you through the process of ensuring that your will is still valid even once you have moved to a different state.
In reality, the regulations of every state are very different regarding wills, trusts, and other estate planning documents. Given that the rules are so different, your will may adhere to the laws of NY State, but may not abide by the laws of other states such as Minnesota or Texas. Prior to officially moving, you should consider contacting your Estate Planning Attorney to make updates and changes to your current will in order to reflect your new circumstances. When drafting a will, individuals typically select an executor to manage the financial aspects of the estate, such as the distribution of your assets. The role of the executor is managed by the specified state laws, meaning that the executor may not be able to accomplish the same tasks in a different state. Some states have laws that may require your personal representatives to reside in the state in which your will is being probated. If your executor lives out of state, they may be required to appoint an agent to accept legal papers in order for your will to be considered valid. Typically, an estate executor will not be moving along with you and some states may require that you appoint an executor who lives in the same state as you. If this is the case, you may need to select a new individual to fill the role of executor. An estate planning attorney can assist you in this process to ensure you select the best individual possible for the role.
There may be different qualifications for executors of your will depending on the state you are moving to. A common requirement is age, in most cases the executor must be at least 18 years of age. Various states prevent you from selecting an executor who has been convicted of a felony, as this goes against the guidelines. It is quite likely that your will is going to be considered valid in the new state you move to. However, it is possible that certain provisions of that will may not correlate to the new state’s laws. In that case, you should find out what that state’s laws are ahead of time, so you can discuss your options with your estate planning attorney. This way, you will have made any necessary changes or edits to your will prior to actually relocating. If you have any questions or concerns you should reach out as soon as possible to guarantee that you will be prepared for your future.
For further legal information please contact the Law Office of Inna Fershteyn at 718-333-2394 to effectively execute your will, and other important estate planning documents.