Moving to Texas? How to Revise Your Estate Plan

There are many stresses that come along with moving: saying goodbye to friends and family, figuring out the logistics of the move, and settling into a new environment. However, many people do not think about amending their will or estate plan when moving to a new state. While this may not seem critical, many estate planning laws vary, depending on the state of residence. Below are common questions and explanations that individuals have about estate planning when they are relocating to Texas.

Why Do  I Need to Change My Estate Plan?

When moving to a new state, it is important to amend a will and other estate planning documents. However, many people—despite hearing this advice—are confused about why this is necessary. Although a person’s will is still generally valid after moving, there tend to be state-specific laws and regulations that may impact the estate plan.

In addition to complying with state laws, certain people find it important to change their estate plan to appoint different individuals to serve in critical roles. For example, many individuals appoint a different estate executor after relocating. Some states have specific requirements about who can serve as executor—this may limit an out-of-state individual to serve in this capacity.

Some may also want to change their healthcare proxy or power of attorney named in their estate plan if they move far away. Otherwise, it may be difficult to have a proxy—who is making medical or legal decisions on a person’s behalf if they become incapacitated—who lives halfway across the country.

If I’m Moving to Texas, What Changes May Be Necessary to My Will?

When moving to Texas, one important thing to consider in your estate plan is the lack of estate taxes in the state. Unlike many other states, Texas does not have an estate or inheritance tax. This impacts how an estate plan is structured. If an individual is moving from a state with an estate tax—such as New York—to Texas, they may amend their estate plan to minimize the amount of funds being transferred out of the estate plan—like to a trust—now that they do not need to worry about their estate plan being taxed.

Since every person’s estate plan is different, the amendments they will need to make to the document will be different too. Because of this, individuals who are moving to a new state should contact an experienced estate planning attorney who can give them specific advice on their situation.

Contact a Houston Estate Planning Attorney

If you or a loved one is moving to Texas and is concerned about the contents of their estate plan, contact the Houston estate planning attorneys at McCulloch & Miller, PLLC. Our lawyers are kept up to date on current federal tax regulations, along with how Texas regulations differ from other states. Because of this, we will make sure your estate plan complies with Texas laws—this will save you and your family from unnecessary stress in the future. To schedule a free, no-risk consultation and to speak with one of our attorneys today, give us a call at 713-333-8900.

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