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How does being a new resident affect my estate documents?

On Behalf of | Nov 30, 2020 | Estate Planning |

You might have moved to New York recently to begin a new life with a new job or to start a family with a local resident. If so, now is a good time to think about the will, the power of attorney document or the health directive that you have brought with you. You may need to give your estate documents a fresh look.

You have likely put a lot of work into your estate planning and do not like the idea of delving back into your estate plans any time soon. Still, there are some reasons why moving to a new state may affect your estate documents.

The effectiveness of your documents

According to Kiplinger, an estate document will maintain its validity even if you move your residence to another state. The fact that you move to New York does not mean that an estate document like a will or a trust document that you had made back in your old home state will automatically become invalid.

Still, your old estate documents could lose some effectiveness. Estate laws in other states may not be the same as those in New York. For instance, some states require you to sign your power of attorney document in front of witnesses while others do not. So depending on the laws in question, a New York judge might not recognize some of your estate documents if they do not conform to state law.

Outdated information in your documents

If you become a New York resident, you will likely have to update your estate documents to account for your change in address. One place to start is your will. You might want to leave your house to your children, but if you own a new residence, you will have to change your will so that it accounts for your New York address and not the one in your old home state.

If your move to New York has taken you a longer distance from some individuals like your power of attorney, you may need to consider if you want to update your power of attorney documents so that a local relative is your POA instead. Additionally, you may decide a local family member is a more convenient choice to be your estate executor than a person who lives in your old state.

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