I have been a resident of Dallas for 61 years, so I find it amazing that there are people who don’t live within ten miles of the hospital where they were born. Many, because of careers or wanderlust, move frequently from state to state. Many others who may have lived in one state for many years, intend to relocate on retirement. Both situations create issues for estate planning since there is no uniform law for wills in the United States. What is advisable in one state is often not the best way to handle an estate plan in another. If you move to a new state, you should have your estate plan reviewed, and almost certainly your Powers of Attorney need to be updated.
If you know you will move in the near future, doing your planning with a will may not be advisable. Whereas a will must be probated in accordance with the laws of the state where the person is living when they die, we can draft a Revocable Living Trust that picks the law of a particular state to guide its interpretation, regardless of where the trust maker lives. Thus for “rolling stones” and retirees intending to move to luxurious vacation spots other than the hot plains of Texas, they may find a Revocable Living Trust the most affordable and best planning technique.
At Pyke & Associates, we are experienced in drafting wills and Revocable Living Trusts, and we carefully examine each client’s needs before making a recommendation. We can assist those with more nomadic lifestyles to avoid redoing their estate plan each time they move. The overall goal of estate planning is to minimize the cost of both planning and the transfer of assets on death. We want to look at the whole picture and find what is best for you.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
