Get that Estate Plan in Place
If you do not have an Estate Plan, now is the time to get one. If money is a consideration, start off with some basic but essential documents, such as a simple will, advance healthcare directive, durable power of attorney. If you have children, put in place a nomination of guardianship. The latter will ensure peace of mind that in the event that the unexpected occurs while you are on vacation, your children will be provided for. If you already have an estate plan, review it to ensure there haven’t been any changes in your family circumstances since your last review.
Nomination of Guardian
If you have minor children who may or may not be accompanying you on vacation, you as a parent can ensure that their welfare is catered for in the event that you are unable to care for them yourself. Should an event occur while on vacation that renders you or the other parent incapable of caring for your child, a nomination of guardianship provides specific instructions to the court and identifies who should have custody of your child.
Review Title Beneficiaries
If you own a home, review title and ensure that the property is titled in the way that you so wish. If you have a trust, ensure it is titled into the name of your trust. Review your retirement plan – are the listed beneficiaries still your chosen beneficiaries?
Prior to leaving on vacation, you should ensure that you have documents in place that enable a trusted person to act for you in the event that you are unable to act for yourself. Should you have an accident on vacation, or another event that renders you unavailable to conduct your daily affairs, be it from a financial standpoint or personal standpoint, you will need someone to act in your place to ensure that your affairs are in order. A durable power of attorney is a powerful document that enables you to designate a trusted individual to act for you in the event of the latter scenarios. Should an event occur rendering you incapable of speaking for yourself from a health care standpoint, you would want a trusted individual to speak for you.
Another document which speaks for you when you can’t speak for yourself is an “advance healthcare directive” which enables you to document your wishes for medical treatment in multiple scenarios and enables you to designate an agent to speak for you in the event that you are unable to speak for yourself.
The latter documents will ensure peace of mind while you travel, that you have acted in your best interest prior to the occurrence of the unexpected.
Prior to going on vacation it is a good idea to review your insurance coverage. In particular, life insurance coverage is of huge importance in planning for the unexpected if you do not have a liquid estate. If you are concerned that your family would not be financially able to survive in the event of your untimely death or incapacitation, provide yourself with peace of mind by putting in place life insurance. A decent life insurance plan will ensure that should you not be able to provide for your family, that your family will have access to cash flow that will ensure their financial stability. By purchasing life insurance, you ensure that the devastating impact of your untimely death will not be compounded by devastating financial hardship.
Taking a trip should be an enjoyable experience. Establish an estate plan before you leave and experience the peace of mind that comes with knowing that even if your trip does not go as planned, you have a plan in place that will protect you and your family.