We are fast approaching the holidays, when travel is the busiest and careful planning is necessary to nab the best airfare or book that New Year’s beach cottage before it slips away. 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 those 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. If you have ever gotten a nagging fear about what would happen to your children if something were to happen to you, then use that fear to follow through on naming a guardian for raising your minor children. If you have young kids, there is never an excuse for you to neglect this important step.
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 beneficiary so your assets can pass without court intervention.
Review/update incapacity documents. Two very important health care documents – a durable power of attorney for health care and a HIPPA 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.
As a Personal Family Lawyer®, I can further advise you on all your options and make things as easy as possible for your family during a Family Wealth Planning Session. If you would like to have a talk about estate planning for your family, call our office today to schedule a time for us to sit down and talk.
To your family’s health, wealth and happiness!
David Feakes
P.S. Want to get started on the most important planning you’ll ever do for your family? Give our office a call at (978) 263-6900 to get started. You’ll be so glad you did.
David Feakes is the owner of The Parents Estate Planning Law Firm, PC – a law firm for families in the Acton, Massachusetts area. David helps parents protect the people they love the most. If you would like to receive David’s exclusive, free report, “Six Major Mistakes To Avoid When Choosing An Estate Planning Attorney,” you can get it right here.
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