Changing state of residence
Like thousands of others, we’re looking to bail out of IL. Our local atty has fallen out of favor. Do we need to refile our legal docs in our new state, albeit with a local atty?
Terry Says
There are quite a few things you need to do to establish residence in another state. It’s becoming quite the topic for conversation.
To answer your question specifically — yes, you should have your estate plan (will, revocable living trust, powers of attorney, etc) re-written to conform to the rules of your new state of residence. And you should hire an attorney in that state. Check at www.search-attorneys.com, the website of the American Academy of estate planning attorneys.
But, you’ll also want to give up your homestead exemption in Illinois, and apply for one (if available) in your new state of residence. And change your driver’s license. Change addresses on all important documents, such as brokerage firm and bank statements. Change Medicare and supplement addresses, if you’re getting those benefits, or health insurance and other financial benefits.
Don’t neglect to do these things or your residency could be called into question.
