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Getting ready to move? Give your estate plan a second look!

On Behalf of | Jul 9, 2021 | Estate Planning |

If you’re like many adults, you might be getting ready to move. With that in mind, some people want to enjoy the fun of living in a new state. As you prepare to do this, it’s also important to take a look at your estate plan. Here’s more information about what to look at in your estate plan when moving to or from Maryland.

Receiving medical care

It’s always important to keep your health in mind. Considering that, it’s also wise to look at your medical directives and health care powers of attorney, both of which can vary by location. In Maryland, you’ll need to appoint someone as an executor who lives in this state.

Dividing assets

While it might not be something you’re thinking of now, the day could come when you and your spouse decide to call it quits. If this is the case, you’ll both need to divide your assets and update your estate plans. For instance, Maryland is a state that does not recognize assets as community property. Instead, it has an equitable distribution statute.

Figuring out taxes on irrevocable trusts

Another factor to think of during the estate planning process are any irrevocable trusts. If you’re a beneficiary or trustee of any irrevocable trusts, it’s important to talk to a lawyer about how this will impact your move to a new state.

In conclusion, there are many things related to your estate plan that might need updating when moving out of state. If you’d like help in this regard, contact an attorney who has experience with these types of matters.