As we dive into the summer months, people are preparing for their vacations. They’ve taken care of plane tickets, hotel reservations, amusement park tickets, selecting which restaurants to visit, and new clothes. They’ve thought of almost everything, except…
What about their Estate Plan?
Having a well-prepared Estate Plan can give you peace of mind, which will allow you to enjoy your well-deserved vacation even more.
There are many risks that you take when on vacation: traveling by car or plane, physical activities such as hiking or sailing, or even health issues like viruses or animal/bug bites. Any of these risks can cause an unexpected illness, or accident. A good Estate Plan can help you and your loved ones deal with these.
The Estate Plan helps in the event of death, obviously. But there are parts of the plan which can help with other issues, such as becoming incapacitated. You’ll need to make sure you have given someone Durable Power of Attorney so they can make financial decisions for you if you can’t make them for yourself. You will also give someone authority to make health-related decisions for you.
You’ll want to name a guardian if you have children that are minors. It may be a wise decision to name someone that isn’t on the same trip as you are.
By taking a little time with an attorney to review your Estate Plan, or if you do not have one to create one, you can ensure that your assets and your loved ones are taken care of should something unexpected occur on your vacation.