If you have recently moved to Maryland, it’s crucial to understand that the estate plan you have established in another state may not be valid. Please continue reading to learn what can happen if you don’t update your will when you move to another state and how a trusted Montgomery County Will Drafting Attorney can help you through these complicated matters.
Do I Need a New Will If I Move to Another State?
Regardless of whether you have recently moved into your new home or are planning your move, it’s crucial to understand whether you will need to draft a new will. Generally, a will executed properly per the laws of the state where it was created is usually valid if you move to a different state. However, state-specific laws may affect your will’s validity and provisions. An out-of-state will can be valid in Maryland if it is in writing, signed by two witnesses in front of the testator, and also signed by the testator. In addition, the testator must be 18 years of age or older and legally competent at the time in which they sign the legal document.
If you have recently moved to Maryland, it is in your best interest to consult an experienced attorney who can help ensure your will is valid. Even if your will is still valid, there may be differences in Maryalnd’s laws that could make certain provisions invalid or that could benefit your estate plan. For instance, changes in your family circumstances, such as the birth of a child or divorce, may warrant updating your estate plan.
What Happens if I Die Intestate?
If you move to a new state and fail to make necessary changes to your will, your will may not be valid. As such, your assets will be distributed to their heirs, depending on whom the individual is survived by, according to Maryland’s intestacy laws. The schedule of intestate succession is as follows:
- If the decedent is survived by a spouse and minor children, the spouse will receive one-half of the estate and your children will share the other half of the estate.
- If the decedent is survived by a spouse and all adult children, the spouse will receive $40,000 and one-half of the remaining estate. The adult children will be entitled to split the remaining assets.
- If the decedent is survived only by children, the children will split the entire estate accordingly. It is important to note that this does not include step-children.
- If the decedent is survived by a spouse and parents, the spouse will receive $40,000 and fifty percent of the remaining estate. The parents will split the amount remaining unless only one parent is alive.
- If a decedent is only survived by a spouse, they will receive the entire estate.
- If a decedent is only survived by parents, they will receive the entire estate.
As you can see, if you die without a valid will, you will not have a say in what happens to your assets when you die. To safeguard your loved ones from the added stress, you should update your will if you move to another state. At JD Katz, we are prepared to help you make the necessary changes to your estate plan to protect your interests. Connect with us today to learn more.