If you live in Franklin, TN, most of the year but migrate south during the colder months, your estate plan may be different than if you call the Volunteer State home year-round. Today, we take a quick look at a few things to consider when you maintain an address in two different states.
Where Do You Actually Live?
Your state of residence has a major impact on your estate planning efforts. This has to do a lot with taxes and family law. Ideally, you’ll only call one state home, but laws in each state may notate you as a resident of each. To determine your primary state of residence or state of domicile, contact your state planning attorney or tax advisor.
How Old Your Estate Plan Is
Regardless of whether you are a snowbird or call the outskirts of Music City home year-round, you might want to take a look at your estate plan to see if it’s been reviewed recently. Your estate planning attorney can help you look over your personal representatives, minor guardians, and those who have medical or financial power of attorney over you if you were to become incapacitated. You’ll also want to look to see if your selected beneficiaries are still alive or are still the best people for the job.
Compliance Is Key
It may be necessary to hire an estate planning attorney in Franklin, TN, as well as in the area of your second residence. Remember, estate planning laws for power of attorney, health care directives, and other legal issues vary from state to state. While the vast majority of locations will honor your will or trust, if you need emergency medical assistance, you may find this easier to obtain with medical legal documents specific to each state of residence.
Living in two states presents challenges, and if your estate planning efforts don’t match the rules and regulations of each residence, then your heirs may find themselves facing hurdles they should not have to face during your time of grief.
Protective Measures
No matter where you live, estate planning is crucial to help your loved ones at the time of your death. Having an estate plan in place can help your family avoid the cost and headaches of probate, and they may even pay fewer taxes if your assets are transferred through proper channels.
Estate planning is not just for the elite wealthy, and Trent Linville says that anyone with a bank account and a family should have protective measures in place to keep their loved ones safe from financial ruin. Having your will, trust, or other estate planning vehicle in place now is a smart move that can reduce stress on you today and reduce the burden of grief on your family in the future.
Visit The Linville Estate Law, PLLC online today at LinvilleLegal.com.
