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Just moved to Colorado? You may want to check your estate plan.

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Just moved to Colorado? You may want to check your estate plan.

On Behalf of | Jul 12, 2018 | Estate Planning, Firm News

Many different things could lead to a person moving to a new part of the country. One is a desire to move to a given place to retire. Colorado may be a popular target when it comes to this. A WalletHub report ranked it the second best place in the whole country to retire.

When a person moves to a new state, there are many things it can be important for him or her to check. This includes his or her estate plan. Moving to a new state is one of the things that can necessitate updating such a plan.

An estate plan formed in one state, particularly when it is well-constructed, typically is still valid in another. However, there are things about a move to a new state that could raise complications when it comes to an estate plan.

For one, every state has its own laws related to estate plans. In some situations, the laws of the state a person has just moved to or state or federal law changes could make parts of the estate plan he or she formed in his or her old home state obsolete or even invalid. If this occurs, altering an estate plan to address this can be critical.

Also, there can be some practical things to consider. During the probate process, there can be some added complications when the personal representative named in a will and the witnesses to a will live in a different state than where the probate process is occurring. So, when person moves to a new state, he or she might want to consider forming a new will that has a new executor designation and that uses new witnesses.

Properly updating estate plans after a major life event, like a move to a new state, can help individuals avoid situations that could undermine their estate planning goals or complicate future probate proceedings. So, when a person moves to Colorado, they may want to have a skilled Colorado estate planning attorney review their estate plan and advise them on what may need updating.