You’ve established your Will and Trust in Michigan, and now you and your family have decided to move to another state. Are these documents valid in your new state? Or do you need to establish a new estate plan?
Let’s first talk about your Michigan Last Will and Testament. Before your Will can be accepted, your Personal Representative must take it to Probate Court. Your Will must be proven and accepted in Probate Court before your Personal Representative can distribute the assets in your estate according to your plan.
Estate planning laws can vary by state, as do certain property laws. For this reason, it is advisable that you create a new Will in the state in which you live. While your Will may technically be valid in another state, you must keep in mind that because of the differences in laws, certain provisions of the Will may very well be declared invalid. Overall, it is important to consult with a trusted attorney in your new state of residence to make sure your Will is up to date and in accordance with the laws of that state.
Now let’s discuss your Revocable Living Trust. This Trust is one that is in existence during your lifetime. You create it now, and it exists now. Your Living Trust is a great tool to allow for control over the distribution of your assets at death, probate avoidance and, in some instances, tax planning.
Your Living Trust remains valid should you and your family move to another state. By executing a Trust in Michigan, the Trust is established and governed by the laws of the State of Michigan. This is sometimes referred to as the “Situs” of the Trust Estate. This Situs of Trust can be transferred from Michigan to another state or jurisdiction.
To ensure that both your Will and Trust comply with all relevant laws here in Michigan, consult with your Trusted Michigan estate planning lawyer to discuss the validity of your estate plan.