nyack estate planning lawyer

An Often Overlooked Power in Durable Power of Attorney Documents

Your elderly mother lives and intends to continue residing in Florida. You live in New York. She becomes mentally incapacitated and you move her in with you to take good care of her. You are her agent as designated by her Durable Power of Attorney documents and you manage and handle all of her affairs like taking her to the doctor and getting her the attention she needs but you start to run into some problems when you attempt to enroll her in your state’s Medicare program and other entitlement programs. The power of attorney documents do not give you the power to establish her domicile. Even though your mother resides in New York now she still is domiciled in Florida and only qualifies for assistance in Florida.

How do you establish a new domicile and what is a domicile? Traditionally, establishing a new domicile is easy. Wherever you consider home, the place you intend to indefinitely stay, is your domicile. Proof of being domiciled in a certain state typically includes where your primary residence is, where you vote and where your family and children live. This is different from where your residence is. You can have multiple residences but only one domicile.

When you create an estate plan, you face many decisions. One of those decisions will be how you should divide and distribute your property. You will spend a great deal of time deciding who will get what upon your death. One area that may need special attention is the distribution of your tangible personal property, especially those items that may not have significant monetary value, but may hold substantial sentimental value to you and your loved ones.

What is tangible personal property?

Under New York law, property is anything that may be the subject of ownership. The property specifically devised by your will or trust commonly includes real property, cash, stocks, motor vehicles, and other items of value you wish to pass on to those named in your will or trust. It is a good idea to define what you mean to include as part of your tangible personal property, which typically excludes cash, securities, and tangible evidence of intangible property. Generally, tangible personal property will include property, other than real estate, whose value is derived from the item itself, or its uniqueness, such as furniture, decor, jewelry, coin collections, photos, and other personal items you use in daily life. While you may consider your pets as members of your family, the law classifies pets as tangible personal property.

Articles Tagged with nyack estate planning lawyer

The Power To Establish A New Domicile

Dealing with Personal Property in Your Estate Plan