Why You Should Get Your Estate Plan in Order Before Going on Vacation
In addition to getting someone to water the plants and take care of mail while you’re away, there’s one more task you should add to your “to-do” list before you head off for your big vacation. Make sure your estate plan is up-to-date.
Why now? Some critical tasks can help if you experience an emergency or even an unexpected delay on your trip.
Power of Attorney Documents Cover You in Case of Emergency
Your estate planning lawyer can create power of attorney documents that allow someone you trust to make decisions or take action if you are unable to do so. If an accident or illness renders you unconscious, your agent would be able to manage your affairs, pay bills, and keep things running until you are ready to do so again.
A medical power of attorney authorizes someone to make health care and treatment decisions on your behalf if necessary. You could even have a power of attorney drafted to allow someone to handle upcoming transactions in case you are delayed by illness, quarantine restrictions, natural disasters, or other problems. On your return home, if you decide you no longer want someone to have power of attorney on your behalf, you are free to revoke the document.
Make Sure Digital Assets are Organized
Digital accounts can be accessed from almost anywhere—but only if you have critical information. It is important to make an inventory of digital assets such as online bank accounts, media in cloud storage, cryptocurrency, email, social media, frequent flyer miles, and important documents stored digitally.
Make sure someone you trust knows where to find the list, and consider taking a copy with you on your travels. If you have your wallet stolen and need to replace items or access funds from an account you don’t normally use, having critical addresses and passwords at your fingertips can make a world of difference.
See That Your Will is Current and Names Guardians for Minor Children
If you don’t have a will, or if you have not updated your will within the last year, it is time to take a look to ensure that the provisions still align with your wishes. In particular, if you have minor children, make sure you have named guardians that you trust to care for them should the unthinkable happen on your trip. Your estate planning attorney can also include provisions in your will that establish a trust to manage and provide resources for your minor children.
Talk to Your Estate Planning Lawyer to Make Sure Your Plan is Comprehensive
You may not know what you need to do to keep your estate plan up-to-date, but your estate planning attorney does. At Amy L. Phillips, PLLC, we can help you adjust plans to meet ever-changing needs so that you are always prepared. Feel free to give us a call or schedule a consultation to learn more.