Are you moving? Then as part of the review of documents for your move you may be considering whether or not you should update your estate plan. Of course you should revisit your estate plan often to ensure that it is up to date, but moving itself may not prompt a change. Here are some reasons a move may require an update of your estate plan.

A Change in Tax Domicile

Are you moving from one state to another for tax purposes? Do you own a permanent residence in both of those states?

The issue of tax domicile is rather complicated. The state that your will was created in can be used to assess what your state of residence is for income tax purposes. If you are moving from a state with a higher income tax to one with a lower income tax, it may benefit you to have a will or estate plan redone in your new state of residence.

Change in Marital Status

Are you moving due to a change in marital status? Getting divorced, married or remarried should always prompt a revisit to your estate plan or will. While there are some things that can automatically change in the case of a divorce, you don’t want to depend on that. If there has been any change in your marital status visit your attorney.

For assistance with revisiting or drafting an estate plan, contact Stano Law group today.