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How to review an estate plan after a move

If you have recently moved to Florida, it’s generally in your best interest to update your estate plan. This may be especially important if you’re looking to establish domicile in the state for tax purposes. Establishing domicile in a new state may also play a role in how assets are divided in a divorce.

Review your estate plan as soon as the move is confirmed

Ideally, you’ll review the laws in your new home state as soon as you know that you will be moving there. This can give you an idea of the changes that might need to be made to your plan after getting settled in. It can also give you a better idea of what can be done with any property that is acquired after moving. For instance, in Florida, the homestead exemption generally limits your ability to transfer ownership of a home to anyone other than a spouse or minor child.

Have a local attorney review your plan after the move actually happens

After moving to your new home, it’s a good idea to meet with an attorney for a formal estate plan review. A local attorney will likely be able to give a more accurate assessment of how well your will, trust or advance directive is put together.

Review your plan at least once a year

Regardless of where you live, it’s a good idea to review your estate plan at least once a year. This will make it easier to spot any issues that need to be resolved before an emergency situation arises.