Whether you travel internationally for work or you’re planning a globe-trotting adventure, there’s something important you should do before boarding that plane or cruise ship: finish your estate plan.
No one wants to think about the possibility of something going wrong on an overseas trip – and it probably won’t! – but there are a lot more variables involved, and it’s better to be safe than sorry. Think of it as a kind of insurance policy for the people who would be left behind if things go awry – and peace of mind for you because you know your loved ones will be taken care of.
Here’s your estate planning to-do list before you set off.
Create (or Update) Your Will or Trust
A will or trust ensures your assets will be distributed according to your wishes. If you don’t have one, now is the time to get it in place so that your wishes and protections for your loved ones can be made.
Made your will ages ago? Way to plan ahead! However, it’s still a good idea to take a look to make sure it still reflects your current intentions. Changes in your financial situation, family dynamics, or even state laws are all reasons you may discover it needs to be updated.
Name Guardians For Minor Children
Have you named who you want to care for your children and raise them as you would like if you are unable to? You could name one person to watch over the child’s finances and another to make the day to day decisions about how he/she will live, or this might be the same person.
Temporary Guardians For Minor Children
If you are traveling without your minor children or teen (or if you are taking a friend on the trip), do you want the supervising adult to be able to seek medical treatment and make decisions in a situation where they get sick or injured and a parent cannot be quickly contacted? You may want to name a temporary guardian just for the duration of the trip.
Grant Power of Attorney
Assigning someone as your power of attorney (POA) allows them to handle financial or legal matters on your behalf if you become incapacitated while traveling. A durable POA ensures that your designated person can manage bills, investments, and other responsibilities without delays. A medical Power of Attorney ensures someone can make your medical decisions if you cannot speak for yourself.
Set Up a Healthcare Directive
Unexpected medical emergencies can happen anywhere, and they are particularly anxiety-inducing when they occur far from home where the medical standards may be different.
Regardless of where you are, a healthcare directive outlines whether or not you want to be kept alive on machines in certain situations, and states your wishes regarding other types of care you wish to receive if you’re unable to communicate.
Double Check Your Beneficiaries
Your life insurance policies, retirement accounts, and other financial instruments normally have designated specific beneficiaries. Are these up to date regarding your wishes? Have your wishes changed due to major life changes such as marriage, divorce, or the birth of a child?
Make Sure People Know Where to Find Important Paperwork
You probably know that it’s important to keep copies of essential documents like your will, POA, and healthcare directive in a secure but accessible location. But what’s just as vital is to make sure someone knows where that location is. Also, make a copy of your passport and leave it with someone you trust and could reach, in case yours gets misplaced or stolen on your trip.
Another option you might consider is to provide a trusted individual with access to digital copies stored in a secure cloud or encrypted USB drive. Speaking of digital…
Digital Assets Need a Plan, Too
In today’s digital world, it is essential that your online presence and assets – such as email accounts, social media, and cryptocurrency – are part of your estate plan. Document your login credentials securely and assign a trusted individual to manage or close accounts if necessary.
Do You Want Travel Insurance – Check It Against Your Estate Plan
A comprehensive travel insurance policy can cover medical emergencies, trip cancellations, and even repatriation in case of death. This is wonderful, but you want to make sure to review the fine print to ensure the policy offerings align with the desires you have documented in your estate plan.
Tell People
No one enjoys having these types of conversations. But while they may be uncomfortable, they are crucial to avoid confusion and delays if an emergency arises. Tell a trusted friend or family member where you keep important documents and directives in case they are needed.
Have a Great, Stress-free Trip
Estate planning before traveling is not about expecting the worst – it’s about peace of mind and knowing that even if bad things happen, you are prepared. Taking the above steps ensures that no matter where your adventures lead, you and your loved ones will be protected and cared for in the best way possible!
By taking care of these details now, you can travel with confidence and without stress, knowing that everything is handled back home. We’re here to help you get things done the right way before you head out. Learn more by scheduling a free consultation.
Safe travels!