We moved. Do we need to update our Estate Plan?

THE ISSUE:

We created a living trust while living in another state. Now we’ve moved to a new state, do we need to update our plan to reflect the laws in our new state?

THE SOLUTION: At a minimum, you need to have your estate plan reviewed by an attorney to see how it works in your new state of residence.

It’s always a good idea to have your Estate Planning Attorney review and update your existing trust documents, even if you think nothing has changed in your circumstances. This is especially true if you have moved to a new state, as the laws can differ from those of your previous state. Even if you haven’t moved, best practices recommend reviewing your estate plan every five years or so to ensure it continues to reflect your wishes and objectives. By regularly reviewing and updating your estate plan to reflect the changes in your life and the law, you can ensure that your assets are protected and your wishes are carried out exactly as you intended. Whether it’s adding new beneficiaries, changing your executor, or updating your will, taking the time to keep your estate plan current can provide you with the peace of mind and security you need for the future.

It can be especially important for folks re-locating to Oregon, where state level estate taxes begin when gross estates (that means all your assets– bank accounts, real estate, retirement accounts, investment accounts, life insurance, business interests, etc.) are more than $1 Million. Because Oregon is one of a few states that have state level estate taxes- and the lowest exemption amount in the country- if you had a plan in place from your previous state residency, it may not fully take into account the best estate tax mitigation strategies.

But don’t worry- we can help! If you have recently moved to Oregon and/or your current estate plan hasn’t been updated in more than 5 years, don’t hesitate to contact me today and schedule a 15-minute discovery call. Let’s get started securing your future!