On the Move: Do Married Couples Need to Update their Estate Plan when Moving to Florida?
You may be surprised to know that moving to a new state doesn’t just mean you need to update your driver’s license, car registration, and address, but you should revisit your estate plan too.
Don’t worry, if you have moved to Florida from another state, you likely do not need to start from scratch with a whole new estate plan. However, you should update your estate plan to ensure that it takes advantage of and is compliant with Florida law.
Estate planning attorney Elaine McGinnis P.A. explains.
When moving to Florida as a married couple, consider:
Have our financial circumstances changed?
Have family dynamics or relationships changed?
Have you acquired new property or assets?
Are any beneficiaries or assets out of date?
Establishing Florida Residence
The absence of Florida's estate tax, in contrast to many other states, is one of the biggest reasons to relocate there. Establishing Florida residence as soon as you get here is crucial for this reason. If not, the state from which you relocated may impose estate taxes on your estate.
One part of establishing Florida as your home state is
claiming in your estate plan that Florida is your domicile.
It is also important to be aware that Florida has its own approach to estate planning and probate, including what terms should be written into your will, as well as the number of witnesses that are required to sign said will. If you violate any of these provisions or include terms that a Florida court won’t uphold, then your estate plan could be fraught with challenges and issues when you pass away.
Read More > Why Estate Planning is Never Truly “Complete”
Updating Your Personal Representative
After moving to Florida, you will need to ensure that your choice of a personal representative, often called an executor in other states, is qualified to serve as your personal representative in Florida.
It is required that your personal representative
either be related to you or a resident of Florida per
the Florida Probate Code.
If you have nominated someone in your will that does not fall into these categories, your will needs to be updated to comply with Florida law.
Marital Property
Your estate plan for your marital property may need to be updated if you relocate to Florida. This is crucial to know if a couple relocates to Florida from a state where community property laws are in place. Florida does not follow these laws.
If your property is community property, it will affect the nature of your ownership and the tax ramifications that may occur when the property passes to your heirs.
After you move, it is advised that you have an estate planning lawyer review any marital property stipulations in your will or living trust.
Including a Self-Proving Affidavit
It is required in Florida that a will is proved after death. This means that one of the witnesses of your will has to testify to the authenticity of your will.
If your will includes a self-proving affidavit in Florida, the will itself will prove its authenticity and no witnesses will need to be found to probate the will. But if your will was executed in another state, it might not contain this affidavit, making it slightly more difficult to authenticate your will when you pass away.
Durable Power of Attorney
It is also important to consider if your durable power of attorney complies with Florida law. Many of the powers that are given to the agent of a DPOA, must be specifically authorized by the principal, or they may not be honored at your death.
This has the potential of leading to unwanted guardianship or financial proceedings if you or your spouse become incapacitated.
Florida’s Probate Rules
While moving to the Sunshine State, you must take into account a variety of special estate planning regulations. For instance, Florida's homestead regulations are rather stringent. Florida probate laws could interfere with your estate plan and prevent beneficiaries from receiving what you planned if they are not taken into account when you and your spouse move.
Hence, whenever you relocate to Florida, it makes sense to have an estate lawyer review your plan to determine if anything needs to be added, updated, or changed.
Learn More > How to Avoid Family Conflict with Estate Planning
Update Your Estate Plan
If you have recently moved to our beautiful state, welcome! Estate lawyer, Elaine McGinnis, can help you make any updates to your estate plan to ensure that you comply with Florida law.
Don’t wait, contact the Law Office of Elaine McGinnis, P.A. to review your estate plan today.