Many people travel during the holidays, whisking out of the country or off to the beach to escape the cold. Before you leave on vacation, do you have your estate planning up to date? It is always a good idea to make plans for the unexpected before going on vacation.
Estate Planning Before Holiday Vacations
Take a moment before the holidays to update your estate plan. If you have yet to make any estate plans at all, now is the time to set up a will or trust before you travel.
Here is a checklist to consider:
- Review Your Will or Trust: The fact is, the unexpected can occur at any time, even if you’re on vacation. If you haven’t reviewed your trust in awhile, be sure to spend some time looking it over and making sure you are on board with all of your instructions you’ve set.
- Update Beneficiaries: Read through the beneficiaries and make any changes that are needed. For example, was there a birth since the last time you updated the will? Have there been any divorces, marriages, or deaths in the family? You can also take the opportunity to name guardians for your minor children.
- Set up Medical and Financial Directives: Name trusted people in your life to appoint as your Medical Power of Attorney so that you have a responsible person to step in and make medical decisions on your behalf. Similarly, you will need a Financial Power of Attorney to access your bank account and pay any bills if you were to be incapacitated.
- Review Life Insurance Policies: Read through your life insurance policy. Do you have a policy that covers accidents that may happen while traveling? What about sicknesses or natural causes of death? You can also update the amount on the plan and the beneficiaries.
The best thing to gift yourself is peace of mind before your holiday travel. Do not waste a moment before traveling without an estate plan. In case the unexpected occurs while you’re on holiday, your loved ones will know exactly what to do when you have planned ahead.