The "correct way" , if you have enough information, would to list it as if he were alive to day and put qualifiers after it.
In the form it would look like (Under edit location)
Place name:
Country: USA
State: MO
City:Gallatin
County: Daviess (Formerly Ray)
In the case of a territory, the territory is the "State"
State: OK (Fornerly Indian Teritory)
If you get up in Maryland name, you may end up with USA (Formerly Canada)
during the 1600's you may end up with
Something Like
Place name:
Country: USA (Formerly New Sweden/New Netherland)
State: NY
City: New York (Formerly New Amsterdam)
County: (Unknown)
Ithe Idea is to list a place that people can find today, but also show what is was called at the time of the persons life.
Really there are a lot of ways depending on the place and time. Just trying to be accurate is the whole point here. Some profiles may have lived in several countries in thier lifetime but was born, lived and died in the same house, it just the country that changed. It can get tricky.