So you've scoured the internet for the best airfare and carefully researched your hotel accommodations, but one thing that is probably not on your travel to-do list is estate planning, but it should be so you can travel with peace of mind.
Here are some tips to pack away your worries before you board that flight:
Complete your estate plan
If you’ve been putting it off, now is the time to complete your estate plan. If money is a consideration, then start with the most important items: a will, power of attorney and advance health care directives.
Update an existing estate plan
Has something changed in your life since you last updated your estate plan? A birth, a death, a marriage, a divorce? Each of these triggers your need to update your estate plan.
Establish guardianship for minor children with a comprehensive Kids Protection Plan
Before you travel, make sure you have a plan in place to ensure the well-being and care of your kids, no matter what. A plan that only names guardians in a Will could leave your kids at risk of being taken into the care of strangers while the authorities figure out what to do if something happens to you.
Review beneficiaries
Beneficiaries of your retirement accounts, life insurance, and other assets must be kept current or your assets will not pass to them upon your death. If you have minor children, you will need to set up a trust and name the trust as the beneficiary so your assets can pass without court intervention.
Review/update incapacity documents
Two very important health care documents – an advance health care directive and a HIPAA Authorization – will determine who can make medical decisions for you and who has access to your medical records in case of incapacity. Be sure you have these documents before you travel and that the person/people named are still valid.
Review/update insurance
Does your life insurance coverage still meet your family’s needs? If not, it is time to update your insurance policy before you hit the road.
In addition, you need to be sure you have an organized file of all your accounts and estate planning documents and you need to tell your family where they can locate the file if and when it becomes necessary.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by contacting our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.
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