Moving to Florida? Begin Updating Your Estate Plan
Florida is one of the most popular states for people who wish to relocate to a warmer climate for their retirement years. The good news is that whenever you move to Florida, a will or trust you drafted in a previous state remains valid. However, you may still need to make some updates to your estate plan both to account for your changing life circumstances and to comply with Florida law.
The following are a few specific reasons your estate plan may need review upon your relocation to the Sunshine State:
- Changes to assets and property: When your move is complete, you may have an entirely new living situation that could affect your will. If, for example, you owned a larger house and are now moving to a smaller condominium, it could have an impact on how you distribute your assets and property to your beneficiaries.
- Changes to personal representative: If you moved far away from your family or far from your previous estate personal representative, you may wish to change your personal representative to someone who lives closer to you. This can make settling your estate a little easier after your passing.
- Changes to powers of attorney: Much like the personal representative, the individual you’ve named as an agent through a power of attorney arrangement should be someone you can rely on. Sometimes that means selecting someone else who is located close to you.
Be sure to conduct a thorough review of your estate plan any time you have a major change in your life, such as a move, a marriage, a divorce or the birth of a new child. To learn more about this process, meet with an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.