Summer Vacation Plans? Don’t Overlook The Importance of Estate Planning

We all love going on vacations—it's a time to unwind, relax, and create lasting memories with our loved ones. Whether it's a beach getaway, a thrilling adventure in the mountains, or a cultural exploration of a new city, vacations allow us to take a break from our daily routines and experience the joy of exploring new places. However, amidst all the excitement and planning, it's crucial not to overlook the importance of estate planning.

Estate Planning Considerations

Estate planning involves making arrangements for the distribution of your assets, the care of your loved ones, and the management of your affairs in the event of your incapacitation or passing. It may not be the most glamorous topic to discuss while daydreaming about sipping cocktails on a tropical beach, but it is a necessary and responsible step to ensure the security of your loved ones and your hard-earned assets.

Here are a few key considerations to keep in mind while you're planning your next vacation:

• Will or trust:

  If you do not have a will or trust, or if you have not reviewed them recently, take this opportunity to make sure these documents are in place and accurately reflect your current goals before you travel. You can then rest assured that if anything happens to you, your wishes will be followed regarding who will receive your assets and when.

• Beneficiary designations and titles:

  If you have accounts that are to be distributed according to a beneficiary designation (e.g., life insurance policy, retirement account, etc.), make sure the beneficiaries you named are still appropriate and are consistent with your other estate planning documents. Life changes are common, so if a death or divorce has occurred, you may need to revisit your original choices. In addition, make sure that you have transferred title to any assets you acquired after creation of the trust to the trust to prevent the need for a lengthy, expensive, and public probate process in order to transfer those assets to your beneficiaries.

• Powers of attorney:

  Make sure you have a durable power of attorney for health care (also called a medical power of attorney or an advance health care directive). This document takes effect if you are incapacitated due to an illness or accident and authorizes a person you have chosen (your agent) to make and communicate medical decisions on your behalf—including those involving life and death—if you become too ill to make them for yourself.

  Other related documents are also crucial: a living will that explains your end-of-life wishes and HIPAA authorizations that permit your health care providers to discuss your medical issues with those you have named. A durable financial power of attorney authorizes the agent you name to manage your finances or your business on your behalf—for example, pay bills or taxes, sell property, or access your bank or other accounts—either while you are away or if you are unable to manage these matters yourself. 

  
  Don’t Forget Your Children

Do you have children under the age of eighteen? Make sure you have the proper documents in place for them, too.

• Guardian designation:

  If anything were to happen to you while you are traveling, the person you have named as a guardian in your will, once approved by the court, will be able to care for your minor child. If you do not name a person in your will, a court must name someone. Although the court will make the best decision it can, its choice may not be the person you would want to care for your child.

• Medical consent for minors:

  If you are traveling without your child, or if your child will be attending a summer camp, it is important to prepare a medical release form so the person caring for your child will have your consent to obtain medical care for your child without delay if you are unavailable. It is also important to provide your child’s caregiver with a list of your child’s medications and allergies, as well as health insurance information, so that the caregiver, together with your child’s health care provider, can make well-informed decisions regarding your child’s care if the need arises.

Call Us Before You Travel

A vacation is about relaxation, rejuvenation, and fun. The last thing you want is for it to be marred by an avoidable crisis. You can gain substantial peace of mind by taking precautions to protect your health during your travels and by ensuring that your estate planning documents are up to date before you leave. We can help you design an estate plan that will protect you and your family if anything unexpected happens during your vacation. Then grab your bags and enjoy your getaway!