Should I Update My Estate Plan if I Move to or from New York?

Should I Update My Estate Plan if I Move to or from New York?

Each state has unique estate planning laws, so if you make a move to a different state, there may be a need to update yours. Find out which parts of your estate plan may need to be updated and how one of the proficient New York City wills, trusts & estates attorneys at Zimmet Law Group, P.C. can help you correct it.

Do I make a new estate plan if I move to or from New York?

Your will is one of the most important estate planning documents, so it is one that you should look at updating first. Even though most states have laws that specifically note that if your will was considered valid in your old state of residence then it is likely validated in your new state, there are still some discrepancies that may arise. For one, requirements for witnesses of a will may not translate over to the new state you moved to. In New York, there must be two witnesses present at the signing of your will, who sometimes must also sign a document to attest to why they were there and what you declared.

Also, if you move from a community property state to a common law state or vice versa, the marital property rules can change, which may create pitfalls in your original will. For example, New York is a common law state and follows the theory of equitable distribution, which means that each spouse owns the income they earn during the marriage as well as the right to manage the property in their name. As for community property states, spouses will generally own together anything they require while they are married.

Some states are strict with who can serve as the executor of your will. Mostly, they prohibit a person who resides out of state, or in other words your old state of residence, from executing the will. In New York, a judge will not appoint an executor who is not a U.S. citizen and lives outside of the state, unless you name a coexecutor who is a resident of New York and the judge approves.

You also must make sure that your will still handles the issue of probate effectively in your new state, or else you will need to draft a new one or edit your other estate planning documents. In New York, a will only needs to be probated if you died with assets valued at $50,000 or more.

If you require any additional assistance with creating a new estate plan, contact our firm today.

Contact Our New York City Firm

Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.

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