For many people, after working all their adult life and saving for retirement, the satisfaction when that last day of work finally arrives can be exhilarating. Once they retire, many people choose to split their time between states, depending on the seasons and weather. For example, some Denton County retirees split their time between North Texas in the warmer months and heading to warmer climates during the winter months. But just how does this splitting of residences impact a “snowbird’s” estate plan and which state laws should be followed? The following is a brief overview. For more detailed information about your particular situation, an estate planning attorney from our firm can help.
Establishing Residency
Each state sets its own estate laws, so where you live will determine which laws will apply to your estate it needs to be determined which state you actually live in. In some cases, this can be fairly easy. If you only own real estate property in one location, do your banking with one financial institution, and register your vehicle in one state, this would likely be your state of residence.
However, if you own real estate in both Texas and the other state you spend in, have financial accounts in multiple banks, or even have changed your vehicle registration depending on where you are staying, it can be more difficult to determine which state is your legal residence. If you fall into the multiple-factor category, then the state you are registered to vote in is the state that would be considered your legal residence.
...