Before Traveling, Make Sure Your Estate Plans Are In Order

Each time we go on vacation, being away from home is a small reminder of our mortality. As much as we want to avoid this realization, there is a distinct possibility we may not return from our travels. Security issues, crime threats, medical concerns, or inclement weather can serve as reminders of this reality.

How can you ensure your affairs are in order before you leave home? What steps can you take to give you and your family peace of mind before departure? Here are five things you can do to get your estate plans in order and begin your trip with peace of mind.

Review and Update Your Estate Plan

If you don’t have an estate plan, take care of that as soon as possible. Contact a good Cincinnati estate attorney to help you with your Will or trust and other legal documents.

If you have an estate plan, look at it to ensure it’s current according to tax law changes. If you need to replace an executor or a trustee—for example, if one cannot complete their designated functions—address this issue before you go.

If you’re married and your spouse stays behind, ensure they know where to locate your estate-related documents. Also, confirm they understand how to execute the plans and who to contact at your insurance agency, financial institutions, and attorney’s offices. If you have a living trust, confirm its location and discuss the details and the stated preferences with your spouse.

Check Your Beneficiary Designations

Has anyone’s name changed? Has your adult child married and taken another surname? Have any of the named beneficiaries died since you last reviewed your plans?

If any of your beneficiaries is a minor or incapacitated adult, you’ll want to set up a trust for that person and name the trust as the beneficiary on some assets. Confirm with your attorney which assets should not go into your living trust.

Review Your Plans for Protecting Your Children

If you have had additional children since the last review of your plans, ensure they are fully listed and you clarify and name a guardian. If your named guardian becomes ill or decides they can’t fulfill the duties, name a backup person. Be sure to choose someone responsible enough to manage the details of your asset allocation.

Confirm Your Insurance Coverage

This pre-travel time presents an excellent opportunity to check in with your life insurance agent. They can make sure everything is in order. For example, is your coverage sufficient? Are your accounts fully paid and your policies up-to-date and valid? Do you have long-term care coverage along with basic life insurance if you are hospitalized?

Talk With Your Children About the Plans

Discussing your estate plan with your children is never easy, but it’s a conversation you should have. You can explain your plans to protect them, at least in general terms. At the very least, they should know you have life insurance, a Will or trust, and a Living Will.

Your children need to know you’re considering all future scenarios and removing as many decision-making burdens as possible from them. If they have never worried about your absence or death, this conversation should help them feel more prepared.

Seek Help from an Estate Attorney Near Me

Giving your family peace of mind is reason enough to make these plans before embarking on a long trip. If you need help with estate planning before your travels, talk to a lawyer at Donnellon, Donnellon & Miller. They’re happy to answer your questions and will help you feel ready and prepared, no matter what may happen.