Estate Planning: What to Know Before Vacation

With the summer months officially upon us, families across the country are looking forward to that beloved American tradition: the summer vacation. Maybe you’re headed to the beach or the lake for the weekend. Maybe you have grander ambitions and a longer trip planned. Either way, add one item to your pre-vacation to-do list that far too many of us forget: estate planning.

Your key estate planning documents should be in place and updated before you go. In fact, this belongs at the top of your pre-travel priorities. So before you leave, walk through the checklist below.

Take Care of the Kids

Are you a parent? Then make sure your kids are protected in case something happens to you. First, update your documentation around custody and who will serve as primary caretaker in your absence. If you’re traveling without your kids, consider an extra step. Some families work with a trusted attorney to draft a delegation of parental rights. This document functions like a power of attorney for child care. Also called a Delegation of Parental Authority, or DOPA, it passes legal authority to another trusted adult. That adult can then make decisions for your child for up to 180 days.

Get Your Docs in a Row

It’s also smart to keep your power of attorney documents accurate and updated. This matters even more if your plans take you out of the country. Note that there are two main types. An immediate power of attorney goes into effect right away. A “springing” power of attorney only takes effect if you’re incapacitated. If your documentation falls into that second category, consider writing a letter. The letter can clarify that those powers take effect immediately while you’re on vacation.

Safeguard Your Health

Take the time to review any documents related to your health and wellbeing. Again, be extra diligent if you’re leaving the country. It never hurts to travel with a healthcare power of attorney. This document makes it absolutely clear who can make medical decisions for you in an emergency. Next, confirm that your health insurance still applies in your destination country. Make sure it covers evacuation and transportation back to the U.S. if needed. Finally, consider extra travel insurance to cover any gaps in your existing coverage.

Trust—But Verify

Check your beneficiary designations and confirm they’re up to date before you hit the road. It’s also wise to review your real estate documents, especially the title on your home. Here’s a common trap. If you’ve taken out a HELOC or refinanced, the bank may have removed your home from your trust. Too often, they never put it back.

Pre-Vacation Best Practices

• Review estate planning documents: Even if you already have documents drafted, take the time to review them. If possible, schedule a time to talk things through with a trusted estate planning attorney. Circumstances change. The person you chose to manage your affairs ten years ago might not be who you want today.
• Easy access: Before you head out, let people know where to find the original documents—ideally both a hard copy and an electronic copy. For electronic files, leave instructions for accessing them, including passwords. Also share basic information about any bills or regular financial obligations that need handling.
• Organization is key: Consider consolidating your estate planning documents and other essential information in one location. Include instructions on everything from life insurance and bill paying to pet care and custody.

A little pre-vacation preparation goes a long way toward your peace of mind. So when you’re strolling through a museum, enjoying a memorable meal, or walking on a warm sandy beach, you can simply focus on having a great time. You’ll rest easy knowing your estate plan, your health, your loved ones, and your assets are protected and provided for.

Schedule a complimentary legal consultation with our trusted estate planning attorneys today, and get the process started now.