Residents who are new to the Clark, Nevada, area likely have a lot on their plates, especially if they are moving to Nevada from another state. Finding a new home, moving personal belongings, getting started with new jobs or schools and making new friends are just some of the things new residents are likely to deal with. In the hustle of moving, don’t forget the importance of reviewing legal documents such as trusts and wills.
While states will honor trusts and wills created in another location, there may be legal language or details that don’t comply with your current state’s laws. One expert says that having a local attorney review the language of documents is a good idea; she says that while forms and templates exist online, they don’t always address specific and unique details relevant to individuals and families.
The expert also says that it’s important to have a good understanding of the difference between various financial legal documents. For example, she says that only a will can name guardians for minor children, and a living trust can provide for financial needs while you are still alive.
Other areas where legal or financial issues may differ from state to state include income and other taxes, asset protection rules, community property rules and power of attorney. The expert recommends taking action as soon as you move into a new state, including changing your driver’s licenses, filing for applicable tax breaks, changing bank account and address information and reviewing any legal documents that govern your financial or family arrangements. In addition to wills and trusts, families should review custody and support documents related to a divorce.
Source: Forbes, “Moving To A New State: How To Put Down Financial Roots” Deborah Jacobs, Mar. 19, 2014