Starting anew in another state brings both excitement and fresh opportunities. Delaware stands out as a beautiful state that many locals and newcomers appreciate due to its tax-friendly policies, coastal charm and relaxed pace of life.
But before you pack your bags and make the First State your new home, consider these estate planning documents for review. You may need to update these to comply with state law and protect your assets in your new state of residence.
Last will and testament
A will allows you to name who receives your property after you pass away. You can also designate guardians for your minor children and establish trusts for their financial security. When you move to a new state, it’s important to review your existing will.
Delaware generally recognizes valid wills from other states, but updating your will is still a good idea for several reasons:
- The state has specific requirements for wills
- Your updated will can address what happens to your new home
- You can update beneficiaries to reflect current wishes
- Local executors may be more practical
If you don’t update your will, what happens to newly acquired Delaware assets or changing family circumstances may be uncertain, especially if state inheritance laws differ.
Power of attorney
A power of attorney document names a trusted agent — typically a spouse, adult child or close friend — to handle your affairs if you become unable to do so yourself. Situations where this document can particularly come in handy include managing your finances when you’re abroad or accessing your accounts during a medical emergency.
If your document was created under different state laws, Delaware banks may hesitate to accept out-of-state power of attorney documents. This may cause delays or complications when your agent needs to act quickly on your behalf.
A Delaware power of attorney can help the party you named as your agent handle your affairs without court intervention. Without proper documentation, your agent might need to petition the court for authority to act on your behalf.
Advance health care directive or living will
This document outlines your wishes for medical treatment if you’re not able to communicate them yourself, such as when you’re unconscious or mentally unresponsive. It also typically names a health care agent to make medical decisions on your behalf.
Health care providers are most familiar with their state’s standard forms. Creating a new directive helps local medical staff understand and honor your wishes without confusion.
Protect your future in your new home
Relocating to a new state can be exciting. Don’t dampen that excitement by forgetting to handle the legal side of moving. Take the time to review your estate planning documents. Attending to these matters can put your mind at ease about your wishes for your family and prevent legal complications later on.