Consider Your Estate Plan Before You Travel

Consider Your Estate Plan Before You Travel

We are fast approaching Summertime when travel is busy and careful planning is necessary to nab the best airfare or book that beach cottage before it slips away. 

One thing that is probably not on your travel to-do list is estate planning, but it should be so you can travel with peace of mind.

Here are some tips to pack away your worries before you board that flight:

Complete your estate plan.

If you’ve been putting it off, now is the time to complete your estate plan.  If money is a consideration, then start with those the most important items: a will, power of attorney and advance health care directives.

Update an existing estate plan. 

Has something changed in your life since you last updated your estate plan?   A birth, a death, a marriage, a divorce?  Each of these triggers your need to update your estate plan.

Establish guardianship for minor children.

If you have ever gotten a nagging fear about what would happen to your children if something were to happen to you, then use that fear to follow through on naming a guardian for raising your minor children.  If you have young kids, there is never an excuse for you to neglect this crucial step. You can start on our guided landing page, free! https://lilaccitylaw.kidsprotectionplan.com/

Review beneficiaries.

Beneficiaries of your retirement accounts, life insurance, and other assets must be kept current or your assets will not pass as you intend upon your death.  Do you have minor children named? Seriously reconsider this choice.

Review/update incapacity documents.

Two very important healthcare documents – durable power of attorney for health care and a HIPAA Authorization – will determine who can make medical decisions for you and who has access to your medical records in case of incapacity.  Be sure you have these documents before you travel and that the person/people named are still valid.

Review/update insurance.

Does your life insurance coverage still meet your family’s needs?  If not, it is time to update your insurance policy before you hit the road.

In addition, you need to be sure you have an organized file of all your accounts and estate planning documents and you need to tell your family where they can locate the file if and when it becomes necessary.

The time is now to create a plan that spells out how you will pass on your values, beliefs and your money to your children.  Do you need help? Mention this article for a “Summer Special,” or via the web at: www.lilaccitylaw/VIP.

May you enjoy a sunny, joyful and safe summer!

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