When planning a trip, most people understandably focus on booking flights, reserving hotels, and making sure passports are ready. But there is another important item that often gets overlooked: reviewing your estate plan.
That’s right! Whether you’re preparing for a summer vacation, a cruise, or an international trip, taking time to confirm that your estate planning documents are up to date can provide peace of mind for both you and your family.
Why? Because unexpected situations can occur anywhere. Making sure your legal documents are current ensures that the right people can step in to help if needed. A truly comprehensive estate plan shouldn’t focus solely on death… it should also help while you’re alive!
What exactly should you do?
Review Your Core Estate Planning Documents
Before you leave, it’s a good idea to revisit the key documents that make up your estate plan.
Start by reviewing your will or trust. These documents outline how your assets will be distributed and who will be responsible for carrying out your wishes. Confirm that the individuals named as executor or trustee are still the people you want in those roles.
Double-check your financial power of attorney. This document allows someone you trust to handle financial matters if you are unable to do so. Put simply: this one is particularly important to me because it affects what happens while I’m still alive to experience it. If something unexpected happens while you’re traveling, having a valid financial power of attorney can make it much easier for your chosen agent to step in and assist you.
Look over your medical power of attorney. This document designates someone to make healthcare decisions on your behalf if you can’t communicate those decisions yourself. Along with this, your HIPAA authorization allows medical providers to share necessary health information with the person you have designated.
Together, these documents ensure that both financial and medical decisions can be handled smoothly if the need arises.
What else?
Confirm Your Beneficiary Designations
Another important step is reviewing the beneficiary designations (sometimes called “pay on death” provisions) on accounts like retirement plans, life insurance policies, and certain financial accounts. These designations typically control who receives those assets, regardless of what your will says.
If your circumstances have changed, your beneficiary choices may need to be updated so that everything aligns with your overall estate plan.
Consider Recent Life Changes
Life-changing events can quickly make an estate plan outdated. For example, what about a marriage, a divorce, or the birth of a child or grandchild? What if your business or financial situation have radically altered, or you’ve relocated to another state? What about your beneficiaries; what’s going on in their lives? If you’re experiencing big changes, it may be time to review your documents more carefully.
Even if your plan still reflects your wishes, confirming that everything is current before a trip can help you travel with greater confidence.
Plan Ahead Before Your Trip
Ideally, you should schedule an estate plan review well before you travel. Giving yourself several weeks allows enough time to identify any needed updates and properly sign new documents if necessary.
A good rule of thumb is to plan your review at least eight weeks before departure. That way, you won’t have to rush to finalize important documents right before you leave.
Travel with Peace of Mind
Look, we get it. Taking time to review your estate plan isn’t as exciting as the fabulous restaurants, sandy beaches, or snowy peaks. But, if something should go awry, creating a solid plan can be one of the most valuable steps you take before leaving home.
If you have an upcoming trip, now is the perfect time to review your documents and make sure everything is in order. That way, you can focus on what really matters: enjoying your trip!