Moving to a new state brings about many changes in various areas of life. This includes your estate plan and financial affairs. While your power of attorney may still be valid after a move, it is important to consult with an attorney to determine whether an update is advisable.
3 Tips for Updating Your Power of Attorney When Moving to a New State
Why should you consider an update to your power of attorney after a move? The following are three reasons:
- If you move to a different state, consult with a local estate planning attorney to determine whether your power of attorney is effective in the way that you intended it to be when you created it.
- If your new home state has certain and specific requirements, your durable power of attorney may need to be recorded at the registry of deeds or filed with local government.
- Even if your durable power of attorney is legally valid in your new home state, there may be practical issues that arise with its continued use. For example, a bank or a lending institution may reject the power of attorney out of concern for its own liability. The bank or lending institution may have no legal basis for doing so, but if you have to haggle with the bank in order to be able to use it, the power of attorney is certainly less effective than what you likely intended.
To learn more about updating your estate plan and power of attorney, contact us today at (714) 459-5481 for more information.