Moving to Florida? You May Need To Update Your Estate Planning Documents
The sun, sand, and surf are drawing more people than ever to the Sunshine State, and the data bears this out. According to the U.S. Census Bureau, Florida came in second next to Texas for having the most numeric growth from 2016-2017. Between the summer of 2016 to the summer of 2017, almost 900 people moved to the Sunshine State daily. Florida is not only the second fastest growing state, but it is also the third most populous state in the country next to California and Texas. If you’re joining those who have decided to move to Florida or if you’ve already moved, it is wise to consider updating your estate planning documents.
Becoming a Florida Resident Comes With Some Tax Benefits
Not only do new Florida transplants enjoy the sun and mild climate, but they also enjoy tax benefits. If you are a Florida resident, you will not have to pay a state income tax. You will also save taxes on any unearned income that occurred in your former state of residence. Florida also offers the Save Our Homes caps on property tax assessment, which provides residents tax savings over some time.
Do You Need to Update a Will Created In Another State When You Move to Florida?
Did your previous attorney prepare your estate planning documents? Are you wondering if you need all new documents now that you’re a Florida resident? The answer depends on each client’s documents and situations, but in general, it is wise to have an attorney who practices in Florida review your estate planning documents.
Florida has different laws that might affect your estate planning documents. To be sure, Florida has a unique homestead descent and devise law that many other states don’t have. This law states that if your spouse survives you, you must devise the home to your spouse outright in fee simple absent any prenuptial agreement that waives that right. If you do not do so, your Will contains an “invalid devise.”
This is just one example of how your estate planning documents created in another state may not account for all of Florida’s unique legal requirements. Additionally, when you uproot your life and move to another state, you often experience life changes. You may have sold a property in your former state of residence. You may have changed employment, which could affect your retirement planning. Perhaps you experienced a change in relationship status that could affect your estate planning.
Make Sure Your Estate Planning Documents Are Up To Date By Florida Standards Today
If you’re a new Florida resident or you have recently moved to Florida, it is wise to hire a Florida attorney to make sure your legal documents are in compliance with Florida law. If you need assistance with estate planning, contact Pompano Beach will & trust modification lawyer Mark R. Manceri, P.A. to set up a consultation today.