Are you a snowbird? Do you love to travel south in the winter but always call New York your home? If so, you need to remember to plan for this in your estate plan.
Living in two states, either with two homes or rental properties, can be exciting. It can also be a complex situation to address in your estate planning documents.
There are some big questions to ask yourself. For example, which state has the benefits you want for your estate plan? If New York offers better estate planning benefits and laws that favor you, then you’ll want New York to remain your primary residence. In the case that New York law has to apply to your case due to a missing will or other factors, you want to know that they will be in your favor.
Another thing to consider is if you want to buy or rent. If you buy a home in another state, you will have to consider the financial implications as well as the implication of taking care of this property in your estate plan.
Finally, think about how the ownership of another property in another state could affect your situation. If you have family in New York but not in Florida, for example, who will take care of the property if you fall ill? Is there a fund set up for hiring maintenance?
These are all things you need to think about as a snowbird. Your attorney can talk to you more about the considerations that come into play when you live between two states.