By Lane V. Erickson, Attorney
I’ve had a number of both new and current clients who come to me just prior to leaving on a vacation or a trip abroad who are concerned about their estate plan. It seems that the idea of traveling, whether to a remote location or not, somehow creates a sense of urgency in my clients in making sure that their estate plan is complete. Based upon these experiences here are 4 things that you should do with your estate plan before you travel so that you can have peace of mind.
1. REVIEW YOUR PLAN FOR YOUR MINOR CHILDREN
The urgency of the trip and the thought that if something were to happen to you while you were gone who would care for your children is a great place to start prior to leaving on a trip. Perhaps the most important thing you can do for your minor children is to make sure you have considered and named a guardian. Doing this assures that a plan is in place for the care of your minor children.
2. REVIEW THE APPOINTMENTS YOU HAVE MADE
The second thing that you should review in your estate plan before leaving on a trip is all of the appointments you have made. Above we listed the individuals you named as guardian for your minor children. However, there are more appointments in your estate plan that you have made as well. These include the individual who holds the power of attorney for you. Additionally, it includes the individuals you’ve named as the executor or personal representative of your estate. Before leaving on a trip it is always good to make sure that the appointments that you have named will still work in the event something occurs to you while traveling.
3. REVIEW AND UPDATE YOUR INSURANCE
While it is true that life insurance is really not a part of your estate planning it does play a role in the overall planning you have for your family. It is always wise before you leave on an extended trip to check your insurance and make sure that your premiums have been paid and that the document associated with your insurance are easy to locate for the members of your family. If you feel that your travels may be exceptionally dangerous it may be wise for you to increase the amount of insurance coverage in order to better provide for your family in the case of your death.
4. TAKE COPIES OF YOUR POWERS OF ATTORNEY AND LIVING WILLS WITH YOU
The final bit of advice that I give to my clients is that it is always wise for them to take copies of their powers of attorney and their living wills with them as they travel. It always seems like that you need these documents the most when you do not have the ability to get your hands on them. By carrying copies of these documents with you, you will always have the peace of mind that they will be ready for use if they are needed.
If you are preparing for a trip and you have questions about whether your estate plan is prepared, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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