There are many things to take care of when you move to another state. Updating an estate plan is often overlooked when people have an estate plan in place. Many of the elements of an estate plan may be recognized in Florida. However, estate laws vary significantly between states. You may need to make significant changes to an out-of-state estate plan because of differences in some Florida laws. A Palm Harbor & Trinity estate planning attorney can help.
Are Out-of-State Estate Planning Documents Valid in Florida?
Generally, Florida recognizes wills and trust agreements that were validly executed in another state. However, being valid does not necessarily mean your goals will be met, given the differences under Florida laws. Items that you will want to review with a Florida estate planning attorney include, but are not limited to:
Durable Power of Attorney
The laws for durable powers of attorney are state-specific. You will need an attorney to review your powers of attorney to ensure they will remain in effect should you become incapacitated. If the durable provision in your power of attorney is not enforceable in Florida, your family would need to go to court to obtain authority to make financial decisions for you.
Florida Homestead Laws
Your primary residence is likely one of your most valuable assets. The Florida Constitution has unique homestead laws that provide significant protection for your primary residence against credit claims and forced sales during your lifetime.
After your death, the protection can be passed along to your surviving spouse and heirs. However, you must ensure that you meet the requirements. Elements of your estate plan may need to be changed to ensure your heirs receive homestead protection after your death.
Revocable Living Trusts
Trusts are useful estate planning tools. Revocable trusts allow you to transfer assets to a trust while maintaining control of the assets as the trustee. A trust can provide asset protection, avoid probate for the trust assets, and allow you more control over how the assets are used after your death.
A revocable living trust is typically interpreted according to the state laws where the trust was created. Florida trust laws may be more favorable to your estate plan. Changing your revocable living trust may be necessary to take advantage of Florida laws.
Advance Directives
Advance Directives and living wills appoint an agent to make health care decisions and enforce choices for end-of-life care. These documents are state-specific. Therefore, it is wise to review the documents with an estate planning attorney to ensure your wishes will be honored should you become incapacitated and cannot communicate your desires for health care.
Handling Out-of-State Assets in a Florida Estate Plan
Even though Florida is your new home state, you may still own assets in the state where you used to live. Out-of-state assets may require specific attention in an estate plan. Correctly addressing out-of-state assets in an estate plan can avoid problems for your heirs and personal representative after your death.
Schedule a Consultation with an Estate Planning Attorney in Palm Harbor & Trinity, FL
Reviewing and updating your estate plan after major life events is essential. Moving to a new state may require you to make several changes to ensure your goals are met. Our estate planning attorneys at the Law Offices of Jeffrey A. Herzog, P.A. provide the highest quality legal services. Contact us for help with all estate planning matters.