Ask Kim


Estate Planning for Snowbirds
[QUESTION] I bought a condo in another state and plan to live there for a few months or more each year. Will my current will and other estate-planning documents apply in both states? --J.G, Springfield, Mass.[ANSWER]

Your existing legal documents, including your will, should be valid in your new state, no matter how you split your time. But having your power of attorney and health care proxy follow both states' rules can help your designees avoid hassles if and when they try to use them. For instance, if one state requires two witnesses plus a notary for your power of attorney and the other requires only that the form be notarized, follow the rules for the stricter state, says Tracy Craig, of Mirick O'Connell in Worcester, Mass. Or have a separate power of attorney and advance directive for each state, says Bernie Krooks, of Littman Krooks in New York. (You can have only one will.) Make them consistent, and have your attorney review both sets of documents.

See Also: 5 Reasons You Need an Estate Plan

Copyright 2017 The Kiplinger Washington Editors

More from

See more stories in this category

Back to Previous Page

Ask Kim

How to Report a Tax-Free Transfer From an IRA...

[QUESTION]I transferred my required minimum distribution from my IRA to charity in 2016, and I am...

When to Toss Tax Records

[QUESTION]How long do I need to keep my tax records in case I get audited? Are there some records I...

Meeting Your First RMD Deadline

[QUESTION]I turned 70½ last year, but I haven't taken the required minimum distribution from my IRA...

How to Make the Most of a Health Savings Account

[QUESTION]I've heard that the new health care proposals in Congress would expand the use of health...

Savings Accounts for Special-Needs Children

[QUESTION]When you wrote about ABLE accounts for children with special needs a few months ago, only...

Next Page >
Provided by Kiplinger