What to do regardinga Will, POA, and Trust documents if there is a change in the maker’s state of residence?

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What to do regardinga Will, POA, and Trust documents if there is a change in the maker’s state of residence?

My elderly parents just moved from OK to OH (near us). They have living will, power of attorney, durable power of attorney and trust documents prepared in OK. Does change of state residence mean that these documents need to be updated/redone? Also, does a trust have to list every new bank account, investment account and CD to be included in the trust?

Asked on January 11, 2011 under Estate Planning, Ohio

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If a Will, Trust, or POA was executed ac­­­­­­­­­cording to the laws of the state where you previously resided, then they will be valid in your new state of residence. However, for example, even if your Will is still valid in your new state it is impor­tant to have it reviewed. Due to changes in the law and life circumstances, you may wish to execute a new one.    

Note:  Even though the main probate administration would occur in your state of residence if, however, you own property in your own name in another state for either personal or investment use, you may be required to open a probate estate in that jurisdiction.  Consulting with an attorney on all of this is the best way to protect your rights and ensure a smooth administration of your estate.

As to just what needs to be listed in your trust, you should consult directly as well with an estate planning attorney in your area as to this.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

1) A change in residence of either the person making the living will, power of attorney, trust, etc., or of the person excersing said power or receiving the benefit of said trust, will not affect it's validity or enforceability.

2) As to whether every new bank account, investment account, etc. needs to be listed in the trust--that depends in large part on how the trust is worded and set up. It's best to be sure, so you should have the trust and the current state of facts reviewed by a trusts and estates attorney to make sure that the trust is accomplishing what it set out to do.

If any changes are made to the trust, you could also at that time amend any other documents, if you'd feel better with current addresses--also to make it easier for any/everyone to find the parties at need.


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