When you are going to relocate or have already done this you should revise your financial and estate planning. It is impossible because they may take some time and effort to put into effect. So, be ready to rewrite it and make sure that you have done the following:

1. Reviewed your will. As there are many states there are different formalities regarding the drafting and execution of a will. There may be occasions when the fulfillment of your will is impossible that was legally in your former state.  State law may declare it as invalid. Beware because your assets can pass as if you had no will.  State's intestacy laws dictate who will receive your assets. Remember that the beneficiaries chosen by the state's intestacy laws may not be the ones to whom you made legacy in your now-invalidated will.

Reviewing your will, be sure to look closely at tutorship designations for your minor children to see if they still are logical in light of your relocation. You should do the same with your executor designation.

2. Moved a trust. In case you already have established a trust in your former state of residence, they can help you determine whether it might be profitable from a tax perspective to change the situs of that trust. If you want to consider a change of trustee, just name them to serve as the trustee of your relocated trust. Be sure you’ll have somebody with whom to discuss your interest and to keep you informed.

3. Transferred your retirement assets. You may plan to roll over into an IRA a lump sum dispensation from a former employer. But if you are, do not be afraid. They will help you to arrange for a smooth transition of your retirement plan balance from the plan trustee to the IRA.

If you set up a rollover IRA, be ready to take the help. Because they will arrange for a tax-free transfer of the funds in your current out-of-state IRA to an IRA. You also will be informed about the wild range of investment choices.

4. Avoided unnecessary taxation. There may be all sorts of tax issues that you may need to address. But for avoiding potential tax traps there must be understanding of the concept of domicile.

You can even face the possibility of overlapping state death taxes. Two states may put forth the claim that you were domiciled there and attempt to levy estate or inheritance taxes.

Your property that has been owned in your former state may be subject to tax in that state. Thus a home that is not owned in joint name will be subject to the probate laws of that state.

Consequently, keeping up connections to more than one state, you'll want to find out about the steps that can be taken to minimize the possibility of multiple taxation. You can have a consultation with a legal or tax advisor. It will help you to be assured that you have only one domicile for the tax purposes.