Do I Need New Estate Planning Documents When I Move to Florida?

Planning and creating a great estate plan is an investment of time and money. You want to make sure that you protect that investment by keeping these important documents up to date. There are several events that can trigger the need for an update. The many reasons for a second look include getting married, having children, and moving across state lines.

Most states will honor the provisions of an out of state document, as long as it was executed in accordance with the laws of that state.  However, if you are planning to become a Florida resident, or you recently settled here, you may want to visit an attorney licensed in Florida to make sure your estate planning documents are in proper order. Your previous state may have very different laws from your new one, which could affect how the administration of your trust or estate may be handled. In a worst case scenario, your estate may end up in the hands of a judge forced to interpret the laws of your previous state. Since the judge may be unfamiliar with those laws, your wishes may not be carried out the way you intended.

Your will is one example of a document that may need to be updated when you move across state lines. If you are coming from a community property state, your current assets, along with the provisions in your will, will reflect this. Since Florida is a common law state, you may need to modify your documents to properly reflect your dispositive wishes.

Who you have appointed as your executor, known as your Personal Representative in Florida, should also be reviewed. If your original executor resides in another state, you may have to appoint someone else. Florida has stringent guidelines surrounding who can serve in this important capacity. Without adjustment, your final wishes could be handled by someone appointed by the court.

Advanced medical directives and powers of attorney are other examples of documents that could be affected by your new residence. Some states roll these two documents into one. Others have a form that is specific for that particular state that may not be automatically accepted by hospitals in another.

Even if most of your plan remains intact, you may have issues with some key components. Considering how much time and thought you have devoted to your estate planning, it is prudent to ensure your wishes are honored.  Make this a certainty by visiting a professional who can help protect your legacy.

About Caldwell Trust Company

Caldwell Trust Company is an independent trust company with offices in Venice and Sarasota, Florida. Established in 1993, the firm currently manages over $800 million in assets for clients throughout the United States. The company offers a full range of fiduciary services to individuals, including services as trustee, custodian, investment adviser, financial manager and personal representative. Additionally, Caldwell manages 401(k) and 403(b) qualified retirement plans for employers.