Summer starts on June 21, and with the summer comes summer vacations. Vacation planning is something a lot of people really enjoy, and something that you can use to your advantage if you remember to include estate planning as part of these preparations. As you prepare your vacation to do list, you might want to include some of the following items.
Review your plan.
Any time you go on vacation you want to be absolutely certain that your estate plan is up to date. If, for example, you’ve created powers of attorney or any other device that names a fiduciary, you want to ensure that the fiduciary you selected is still someone you want to serve in that position. As time goes on, some people move away or are no longer suitable to take on the role’s responsibilities.
Consider your children.
Even though it’s very unlikely to happen, you might be injured or killed while on vacation. If this happens, who will look after your children? If you have young children and have not already done so, you’ll need to create estate planning documents that provide for a guardian to take over parenting responsibilities in the worst-case scenarios.
If someone does need to step in and take over some of your responsibilities, that person will need to have easy access to important information. Collect and organize your important documents, such as your medical directives, as well as any other information others might need to adequately manage your financial accounts, property, and any other important affairs.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - April 17, 2019
- What Are 529 Plans and What Are Their Advantages? - April 17, 2019
- Have You Heard of These Trusts? - April 16, 2019