It is fun and exciting to travel, but preparation is always wise. For many people, this can mean getting traveler’s insurance or hiring someone to watch over their pets.
These tasks are important, but it’s important not to overlook another critical travel preparation step – ensuring that your affairs are in order. Here are some invaluable estate planning tasks to consider before setting off on your next adventure – whether you’re going on a photo safari in Africa or taking a road trip across the country.
Review your will and trust documents
Before traveling, take time to look over your will and trusts to make sure they reflect your current wishes and that all beneficiaries are up-to-date. If you do not have a will, now is the time to create one that outlines how you want your assets distributed after your passing.
Update other beneficiary designations
Life changes, and so should your beneficiary designations. These are found in life insurance policies, retirement accounts and other financial instruments. Updating them before your trip assures these assets go to their intended recipients if tragedy strikes.
Assign powers of attorney
You never know when an accident will occur in an unfamiliar place. Create or update your powers of attorney for health care and financial matters. They give someone you trust the authority to speak for you upon an incapacitating illness or injury.
Secure vital documents
Keep your important documents, such as your will, trust, insurance policies and powers of attorney in a secure location. Inform a trusted family member or friend where these documents are stored, or consider a safe deposit box.
By addressing these estate planning tasks, you can travel with peace of mind, knowing that your affairs are in order. Having experienced legal guidance can help ensure that any necessary plan modifications are made so that your estate plan continues to reflect your wishes.