Did You Just Move to Florida? Come See Us for an Estate Plan Review

If you have recently relocated to the Sunshine State, or are about to do so, you may be interested in consulting an estate planning attorney. A change of residence does not immediately nullify any estate planning paperwork you have in place in another state, however, each state has some unique laws and regulations that could affect your existing estate plans if not taken into account. 

In the event that you have recently relocated to Florida, the estate planning experts at the SG Law Firm can examine your paperwork and advise you on the best course of action to maintain the original goal of your estate plan.

Reasons to Review Your Estate Plan After You Move to Florida

There are several reasons why it is important to review your estate plan when moving to Florida, including the following:

• Changes in Tax Laws: The tax laws in Florida are different from the tax laws in other states. It is important to ensure that your estate plan is still effective under the new laws.
• New Residents May Qualify for Special Tax Breaks: If you have recently moved to Florida, you may be eligible for special tax breaks that are not available in other states. An estate plan review can help you take advantage of these breaks.
• Protection from Creditors: The types of assets that are protected from creditors in Florida may be different from the types of assets that are protected in your previous state.
• Your Estate Plan Executor: When a person dies, their estate must be administered and their will carried out. This is usually done by an executor, who is appointed in the will. However, under Florida law, the executor must be a Floridian; out-of-state executors are not allowed in Florida.
• Advance Directives or Living Wills: Each state’s version of these papers is unique. To ensure that your intentions for long-term care or end-of-life care are documented and are carried out, you should see a lawyer in the new state (Florida) where you are moving.
• Power of Attorney: If you become disabled, a Power of Attorney appoints a trusted person to handle your financial and healthcare affairs. As long as the paperwork was legally executed in your former state, it will likewise be legitimate in Florida. To be safe, however, it’s best to have your Power of Attorney appointee live close by so that they can meet with physicians, financial institutions, and other important people that need to be spoken to on your behalf, in person.

Other reasons to review your estate plan may include:

• Changes in your life: Update your plan.
• Beneficiaries: Update your list.
• Assets: Reassess your holdings.
• Gifts: Review your gifting strategy.

The SG Law Firm

If you have just moved to Florida, it is important to visit a skilled Florida estate planning attorney for an estate plan review. Without an estate plan review, your assets may not be distributed the way you would want them to be. In addition, if you become incapacitated, your loved ones may not be able to make medical decisions for you. The Sunshine State is a great place to live, but do not forget your estate plan! Contact The SG Law Firm to schedule a consultation.