Given how difficult it has been to travel over the past year, we would not blame you if you were looking forward to returning to a jet-setting lifestyle. But whether it is your first time taking to the skies or if you are finally setting out on that road trip you have always dreamed of, it is vital to prepare.
Of course, you will want to pay plenty of attention to what you pack in your suitcase, but what you have planned for your estate is also very important. An organized estate plan can give you peace of mind when you are out enjoying your sojourn.
Estate plan components
If you have not already, it is a good time to sit down and create a revocable living trust. This is an agreement between a trustee and a grantor and it gives the trustee instructions on how to distribute your estate when you die. Revocable living trusts also have a number of other advantages, such as allowing your assets to avoid probate.
If you are planning to leave the country or travel for a very long time, vesting financial power of attorney in a trusted authority is paramount. This will allow a representative individual to make financial decisions, file tax returns and manage investments while you are not available. If you have a monetary emergency while you are not at home, it is essential to have somebody be able to act in your stead.
It is also wise to create an advanced health care directive. This way, should you come to any medical calamity while traveling, you will have a trusted person making decisions on your behalf using your directions. This may include making end-of-life decisions regarding the use of life support. In the event that you have minor children, nominating a guardian is also important.
If you are planning to go abroad, ensure that your passport will not expire for several months. It is also wise to have copies of everybody's birth certificate for extra identification purposes. Check and make sure that your driver's license will not expire while you are far away from your DMV or Secretary of State.
You may also wish to create a list of doctors that you prefer. This will help you secure the kind of medical attention you desire if something happens to you. Particularly if you have pets, doing the same thing for your furry friends regarding veterinarians is a good idea. Finally, compile a list of emergency contacts. It is good to have a physical copy of these contacts just in case something happens to your cell phone or other electronics.
Make a copy
Make sure that a trusted friend or family member has copies of all of these documents. It is also not a bad idea to upload copies to a secure cloud server so that you have easy access to them if something happens to the physical copies. Dealing with a lost passport overseas is much easier if you have access to a copy of the document.
Take care, and happy travels! Do not forget to contact us at AmeriEstate if you have any questions about securing your estate before you go.