September 24, 2017
Have You Just Moved to Michigan? Schedule a Review of Your Estate Plan Now!
There are so many details to take care of when you are moving to a new state, especially if you have children who will be attending new schools. Purchasing a new home, selling your existing home, enrolling children in school, finding daycare, searching for a new job, connecting utilities, changing banks . . . the to-do list seems to go on forever. One important item that should be on your to-do list is a review of your estate plan with an experienced Michigan estate planning attorney.
Why do I Need to Review My Estate Plan When I Move to Another State?
While some estate planning documents executed in one state are accepted in other states, the laws that impact certain aspects of an estate plan are not always the same across state lines. There is not a federal Probate Code that applies in all states — each state has adopted its own laws regarding probate and estate matters. Therefore, while some states accept wills and other documents legally executed in one state, this may not apply to every document in your estate plan (i.e. Healthcare Directives and Living Wills in particular).
Furthermore, the laws related to domestic matters vary from state to state. Therefore, if you move from a common law state to a community property state, or vice versa, your estate plan may need to be revised accordingly. Medicaid laws also differ from state to state. If you have included long-term care planning as part of your overall estate plan, you may need to restructure or revise your plan to ensure that you are eligible for Medicaid in Michigan if you need long-term care in the future.
In addition to moving to another state, you should always review your estate plan when you have any major life event including:
- The birth or death of a child;
- Divorce or remarriage;
- The death of a spouse;
- The death of an heir, trustee, or personal representative;
- Acquiring substantial property; or,
- A major change in your financial situation.
Regular Estate Plan Reviews are Necessary
In addition to reviewing your estate plan when moving to another state or after a significant life event, it is advised that you review your estate plan on a regular basis. While many of the laws that govern estates, estate documents, and probate documents do not change very often, a slight change in the law can have a significant impact on your estate plan.
Furthermore, your financial situation changes throughout your life. These changes could impact your overall plan for retirement. Reviewing your retirement plan and estate plan protects you, your family, and your assets. A periodic review of your estate plan helps to ensure that your wishes and desires will be carried out in the event of incapacitation or upon your death.
Add Calling The Elder Care Firm of Christopher J. Berry, CELA to Your To-Do List
If you have recently moved to Michigan, we welcome you to our wonderful state. We also urge you to call our office to discuss how our estate planning attorneys can help you devise a plan to protect your family and everything you have worked hard to accumulate.
You never know when you will need these documents; therefore, we believe it is best to act now before the need becomes urgent. It is never easy to deal with the death or incapacitation of a loved one; however, having an estate plan in place helps ease some of the stress of dealing with the legal aspects of the loss.
For more information or to schedule an appointment with a Michigan estate planning attorney, call our office at 888-390-4360 or use the contact form on our website.