Is my Will Valid in Other States?
If I Move to Another State is my Will Still Valid?
If you had your Will created in Illinois but plan on moving to another state in the future, there are many things to consider. If your Will was validly executed in Illinois, then other states should honor it. If it was not validly executed in Illinois or contains invalid provisions, then the new state will not honor it (or ignore the invalid provisions).
If I Move to Illinois From Another State is my Out of State Will Valid?
If you are moving to Illinois from another state and you had your Will created in that state, then likewise you do not have to worry about your Will being invalid in Illinois unless it was not duly executed in that other state.
Is Planning the Same from State to State?
While you may have had your Will created in another state, it may not be the best fit for you if you move to Illinois. Illinois has its own estate tax, and your estate may be subject to heavy taxes upon your passing if you did your planning in another state without estate taxes. Furthermore, if you are moving from a community property state then you may want to update your plan.
Is my Foreign Will Valid in Illinois?
If you have moved to Illinois from a foreign country, then you may be considering whether your Will is still valid. This is a much more complex issue, but at the very least if your foreign Will complies with the International Wills Act then it is considered valid in Illinois. But given the tremendous differences in the treatment of assets upon a person’s death between countries, it makes sense to have an Illinois Will drafted if you are a resident alien planning on staying long-term in Illinois.
Acquiring Assets in Illinois
Beyond estate taxes and other differences in law among states or countries, you may have acquired property in Illinois upon moving, mainly a new home. The new home should be included as part of your estate plan either by the creation and recording of a Transfer on Death Instrument (TODI), or by the creation of a Trust and deeding the home to the Trust. This will ensure that your real estate is part of your plan and passes to the intended beneficiaries upon your passing without much fuss.
Contact the Libertyville Will and Trust Attorneys at Johnston Tomei Lenczycki & Goldberg LLC Today to Discuss Your Out of State Will
If you have recently moved to Illinois from out of state or another country, it is a good idea to meet with a Wills and Trusts attorney to update your Will and Trust. Instead of worrying about whether it will be valid and applicable to Illinois assets, it is a good idea to create a new Will and restate a prior Trust, if any. The Libertyville Will lawyers at Johnston Tomei Lenczycki & Goldberg LLC will guide you through the estate planning process and ensure that your estate planning goals are met. Contact the Libertyville Wills and Trusts attorneys at Johnston Tomei Lenczycki & Goldberg LLC today for a free initial consultation for estate planning. We will review your existing documents and determine whether any changes are necessary. We offer flat-fee pricing on estate plans so you will know the cost upfront.