Many people create a sound estate plan but then forget about it once everything is set and done. This is especially true for younger people, who tend to move around and increase the members of their family throughout their life. Those who have just moved to Texas must take a second look at their estate plan for areas that need to be changed. Read on to learn about this issue and what it means for your estate plan.
Executor and state laws
During the estate planning process, you will be asked to name an executor. This person holds the responsibility of managing your estate after your passing, and they’re often labeled as the personal representative of your estate. That is why this is the first place you should visit within your plan if you move to another state. The reason for that is because each state has its own rules concerning an executor. For example, certain states have a law that states the executor must be a resident of the state in which you reside. If you miss this detail, the management of your estate can land in the hands of someone you may not even like.
Don’t let your documents become obsolete
A common misconception regarding an estate plan is that once all the legal documents are written and signed, the work is done. Unfortunately, this is not the case, especially if you move out of your original state. Not only would you still have to update due to frequently changing federal laws, but you would also have to comply with current Texas laws. For example, Texas does not require people to pay an estate or inheritance tax. This may allow you to move around assets to better suit your and your family’s interests.
If you’re worried about how your move to Texas would affect your estate plan, seeking the services of an attorney is highly recommended. An experienced attorney may inform you of the needed changes to your plan.