• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WHO WE ARE
    • About Our Firm
    • Attorney and Staff Profiles
    • News and Events
  • Areas We Serve
    • Essex County, MA
      • Andover
      • Beverly
      • North Andover
    • Hillsborough County, NH
      • Manchester
      • Nashua
    • Middlesex County, MA
      • Concord
      • Lexington
      • Wakefield
      • Winchester
      • Woburn
    • Rockingham County, NH
      • Exeter
      • Londonderry
      • Salem
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss Of A Loved One
    • Pet Planning
    • Power Of Attorney
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Young Families
  • Elder Law
    • Coping with Alzheimer’s
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder law reports
      • Elder Law Resources
        • Elder Law Resources – Londonderry, New Hampshire
        • Elder Law Resources North Andover, Massachusetts
        • Nashua, New Hampshire Elder Law Resources
        • Woburn, MA Elder Law Resources
    • Estate Planning
      • Estate Planning Articles
      • Estate and Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
      • Business Planning
      • Charitable Gifting
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Trust Administration & Probate
      • Wills and Trusts
    • Medicaid Calculator
    • Newsletters
    • Presentations
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Nashua, New Hampshire Probate Resources
        • Probate Resources – Londonderry, New Hampshire
        • Probate Resources – North Andover, MA
        • Probate Resources – Wakefield, Massachusetts
        • Woburn, MA Probate Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Seminars
    • Live Seminars
    • Online Seminars
  • Videos
  • Contact Us
  • Blog
  • Reviews
    • Our Reviews
    • Review Us

DeBruyckere Law Offices, PC

Serving Southern New Hampshire & Essex Country, Massachussetts

Call us today(603) 894-4141

(978) 969-0331

Online Seminars
Attend Free Seminar
Home » Estate Planning » Reasons to Update Your Estate Plan: Relocating for Retirement

Reasons to Update Your Estate Plan: Relocating for Retirement

November 19, 2019Estate Planning

North Andover estate planning attorney

Are you close to retiring? If so, and you are also contemplating a move to another state or even abroad for your retirement years, you should also take the time to update your estate plan. A North Andover estate planning attorney at DeBruyckere Law Offices explains why relocating for retirement calls for a review and revision of your existing estate plan.

The Importance of Updating Your Estate Plan

People frequently put off creating an estate plan, in part because they fail to understand the importance of having a plan in place and/or they fail to see the urgency. Often, it is marriage and/or becoming a parent that finally creates the impetus to create an estate plan. A plan which is then promptly forgotten. One of the most common, and potentially most detrimental, estate planning mistakes is failing to update your plan. As both your family and your estate grow, you need to account for that growth in your estate plan. Beneficiaries need to be added when you marry or become a parent. Fiduciaries need to be considered as current ones age. Additional tools likely need to be added to your plan to help achieve additional goals, such as asset protection, long-term care planning, and probate avoidance. The list is long when it comes to potential reasons why your estate plan needs to be updated. Relocating for retirement is definitely on that list.

Is Relocating for Retirement in Your Future?

Relocating for retirement is fairly common and occurs for a variety of reasons. For some retirees, being close to adult children and grandchildren is a strong motivating factor. For others, the high cost of living couple with a lower fixed income makes staying where they are unrealistic. A recent retirement study conducted by Wallet Hub ranked Massachusetts 21st overall and a dismal 44th in the “affordability” category. Many retirees choose to relocate outside the U.S. because they can get so much more for their retirement dollar in other countries. Regardless of the reason for your decision to relocate, once you have made that decision it should be followed with an update of your estate plan.

Why Does Relocating Trigger the Need to Update My Estate Plan?

Reaching retirement age alone should trigger an update of your estate plan; however, if you are also planning to relocate, that offers yet another reason to review your plan. When you retire, your financial picture will almost surely change. You might decide to sell, or cash in, investment assets or begin accepting distributions from retirement accounts. You will likely lose your employer sponsored health insurance, prompting the need to consider long-term care planning. Your children are grown, meaning you no longer need to protect their inheritance.

Now, add to all of those changes a relocation. That relocation provides its own incentive for updating your estate plan. To start with, if you relocate to another state – or country – it is imperative to determine how the laws in that state or country will impact your existing estate plan.  If you have a funeral component in your estate plan, you may need to make changes to that to account for the fact that you have moved as well. Purchasing real estate in another state/country must also be taken into consideration within your estate plan. Owning real estate in more than one state could require more than one probate process while owning real estate in another country may require a totally new estate plan.

Contact a North Andover Estate Planning Attorney

For more information, please join us for an upcoming FREE seminar. If you are contemplating a relocation when you retire and want to update your estate plan as a result, contact a North Andover estate planning attorney at DeBruyckere Law Offices by calling (603) 894-4141 or (978) 969-0331 to schedule an appointment.

  • Author
  • Recent Posts
Daniel DeBruyckere
Daniel DeBruyckere
Attorney Daniel A. DeBruyckere has been practicing law in New Hampshire and Massachusetts since 1998, and has helped hundreds of clients with their estate planning and elder care issues. He is very well respected in the area of estate planning, probate, trust administration, elder law issues, and business planning.
Daniel DeBruyckere
Latest posts by Daniel DeBruyckere (see all)
  • Do I Need an Attorney to Administer a Trust? - January 26, 2023
  • How Using a Trust Can Protect a Valuable Inheritance - January 24, 2023
  • What Seniors Need to Know to Protect Assets - January 19, 2023

Other Articles You May Find Useful

Nashua estate planning attorneys
How Using a Trust Can Protect a Valuable Inheritance
Beverly estate planning attorney
What Seniors Need to Know to Protect Assets
Beverly estate planning attorney
Do We Need an Estate Plan If We Do Not Plan to Have Children?
The Importance Of Having An Estate Plan 150x150
The Importance of Having an Estate Plan
Tis The Season For Giving 150x150
Tis the Season for Giving
Beverly estate planning attorney
Is Something Missing in Your Estate Plan?

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram

Blog Subscribe

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Testimonials

DeBruyckere Law Offices, PC footer

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
footer-logo

© 2023 DeBruyckere Law Offices
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.