Summary:
Many people will travel during the late fall and winter months. Before you
embark on your trip, you should.
With the
holidays fast approaching, many people will undertake trips. Some may make a
shorter trip to see family at Thanksgiving or Christmas, or others may plan a
larger wintertime vacation escape cold weather. Regardless of your reasons, as
you prepare to travel, your "to do" list should include taking a look
at your estate plan.
If you
haven't completed an estate plan yet, now would be a good time to get that
executed prior to your trip. Having your will and/or living trust executed and
in place can provide you with a sense of relief from knowing that, if something
unfortunate happens on your travels, you have a "roadmap" in place
for your loved ones to follow to implement the legacy you want to leave behind.
It is
also important to make sure that you have powers of attorney and a living will
created, as well. Should you become ill or injured while you are away from
home, having these documents will make certain that the person you want to make
decisions for you has the legal authority to do it. To make sure that all of
the planning decisions you make are well thought out, give yourself enough time
to get your plan set up; don't just contact your attorney a few days before you
are scheduled to leave.
If you
have already created a plan, make sure that it is up-to-date. If you have
experienced any life events, such as family births, deaths, marriages,
divorces, etc. since you last updated your plan, you will want to look into
creating the appropriate update documents to make sure that your plan paperwork
still reflects your planning goals. This can include checking on, and
potentially updating, many items, including not only your will, living trust,
powers of attorney and living will, but also any financial accounts or other
assets that have death beneficiary designations attached to them.
In the
event that you have minor children or children with disabilities still at home
with you, it is extremely important that you make sure you have a plan in place
to ensure their care. In your will, you can name the person you want (and who
has already agreed) to serve as the guardian of your children. If you've
already named someone, now may be a good time to review that choice, to
consider whether that person is still best suited to handle this role. If you
do not name anyone as a guardian, the courts will be forced to select someone
without any input regarding your wishes.
This article written and published by:
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