Moving across state lines is increasingly common these days. Whether the transition is for a new job, a transfer, or to be closer to family, thousands of people relocate to Minnesota every year. Your relocation from elsewhere may affect your current estate planning. If you moved to Minnesota because of a separation, divorce, or the passing of a spouse, it is critically important to talk with a Minnesota attorney to see how that impacts your assets and beneficiaries.
So how can moving to Minnesota affect your estate plans, and what should you do? Let’s take a look.
1. Is your Will Valid in Minnesota?
Is your out-of-state will valid in Minnesota? Well, that depends. While many states accept valid wills prepared in other states, each state’s laws vary. Changes to your will may be necessary to comply with those laws. There is potential that even if accepted by Minnesota courts, there may be issues that arise with carrying out your wishes. Or, if Probate is required, there can be issues if your will does not reflect Minnesota-specific laws. An estate planning attorney can help you update your will to be Minnesota-compliant.
2. Choosing Executors
Your chosen executors who were valid in your previous state may or may not be valid in Minnesota. Executors in Minnesota must be at least 18 years old and of sound mind. However, any executor who is deemed “unsuitable in formal proceedings” by the Court will be rejected, and a new executor will be appointed. Unlike other states, no Minnesota statute bars executors who have committed felonies, nor are there special requirements imposed on executors who reside outside Minnesota.
Just to be safe, designate a trusted alternative executor who meets Minnesota requirements and can serve in distributing your assets after you pass away.
3. Health Care Issues
Moving to another state will affect any health care directives or powers of attorney you have put in place. Minnesota will accept medical planning documents drafted elsewhere as long as they meet Minnesota requirements. Minnesota doctors may not be familiar with documents from other states. Be sure to consult an estate planning attorney who can advise you if you need to draft new documents.
4. Property Ownership
Minnesota is an equitable division state. In equitable division states, each spouse owns whatever is in his or her name. In community property states, spouses jointly own anything acquired during the marriage. If you are moving from a community property state to Minnesota, this may affect the classification of your property. Meet with an estate planning attorney to determine if changes to your will are necessary to account for the types of property to ensure that it goes where you intend.
Estate Planning Attorney in the Twin Cities
At Golden Valley law firm rb LEGAL, we know it’s critical that you have all your T's crossed and your I’s dotted when it comes to taking care of you, your family, and other loved ones now and in the future.
If you have moved to Minnesota and you need estate planning guidance, rb LEGAL is here to listen and advise you. With over 25 years of experience honoring and caring for our clients throughout Minneapolis, St. Paul, and the entire Twin Cities metro area, we want to limit the stress they feel in working with an attorney. If you’d like to learn more about the estate planning process or would like to schedule an appointment, contact us. You can reach us at 763-582-1414, or you can message us on our contact page. Compassion. Connection. Solution.