A common catalyst for people to begin thinking about estate planning is an upcoming trip. While it is unlikely that something serious will happen to you on a trip or vacation, it is prudent to ensure that you have an up-to-date estate plan in place. If the worst were to happen, you have confidence that your loved ones will be cared for and your wishes will be honored.
If you do not have an estate plan in place, there is a high likelihood that your family or friends will have to go to court to obtain permission to make decisions on your behalf in the event of your incapacity or death. This is even more complicated if your loved ones are in a different state or country. Having solid estate planning documents, including an Advance Medical Directive (AMD), a Durable General Power of Attorney (DGPoA), and a testamentary document (such as a Will or a Living Trust), can empower the people you trust to act quickly on your behalf.
After you receive your estate planning documents, make sure that your loved ones know where you keep the original documents, and where they can find your financial information. We recommend storing the originals in a safe place such as a home safe, or a fire- and water-resistant folder. If you use a safe deposit box, consider adding a trusted person as a co-lessee, or if you have a living trust, transfer ownership of the box to your trust so that your successor trustee can access it after your death. If you want a place to get started, check out our free asset organizer.
When you are travelling, consider taking a copy of your DGPoA and AMD with you in an important documents folder along with an emergency contacts list so that the people on your list can be contacted if necessary.
Other Considerations
If you are an adventurous traveler, consider purchasing emergency medical insurance. There are many plans offering different levels of coverage that include expenses related to medical services needed during the trip, and they will often cover your emergency transportation if needed.
Finally, enjoy your trip! Before you leave, do what you can to prepare for the unexpected, so that when you are on your trip, you can enjoy yourself as much as possible. If you are ready to get an estate plan, check out our free resource which outlines the 10 Steps to a Solid Estate Plan and set up contact our office to speak with our team.