Moving house can impact your life in a number of ways. Simply moving down the street or into another neighborhood involves planning, packing and making changes to bills, addresses and utilities. Moving to another state can impact even more, including estate administration should you pass away in another state. Whether you're moving out of or into the state of Nevada, there are some things you should consider regarding your estate.
First, consider how estate taxes may play a role in inheritances or end-of-life care. Some states, such as Nevada, are friendlier when it comes to estate tax benefits. If you move from a state with no or little estate tax into a state with a higher estate tax, consider looking into trusts or other legal vehicles by which you can protect some of your wealth.
A second thing to consider is whether you are moving into or out of a community property state. Nevada is a community proper state as are nine other states. Property division and estates -- especially estates with no will present -- are treated differently in community property states. It's also important to note that not all community property states are the same, so learning how your new state differs from your old is essential to protecting heirs and assets.
In addition to community property laws, it's a good idea to understand how any state law changes or impacts your will, trusts or other estate documents. Though a will or other estate document drawn up in one state is generally valid in another, references to specific state laws could cause confusion, delays or issues in probate. Reviewing your estate documents with someone who knows the new state laws can reduce the chance of such issues.
Finally, it's a good idea to review estate planning documents for health care forms. Although most forms are valid in a variety of states, health care workers in each state will be most familiar with the forms that are generally used in that state. Replacing forms with state-appropriate items may reduce hassles during times of medical emergency.
Before making changes to any estate documents, take time to understand what changes need to be made. It may also be a good time to reevaluate your wishes and needs regarding estate planning to make any other changes necessary.
Source: The Spectrum, "Moving may affect estate planning" Scott Halvorsen, Jul. 28, 2014