Summer Travel Checklist: Is Your Estate Plan Ready?
Summer is a season of vacations, family reunions, road trips, and international adventures. While you are busy booking flights and packing bags, there is one important item that often gets left off the checklist: making sure your estate plan is up to date.
No one expects an emergency while traveling, but having the right legal documents in place can provide peace of mind for you and your loved ones. Before you head out on your next trip, consider these key estate planning reminders.
More Than Just a Will
Many people assume that having a Will is enough. While a Will is an important foundation, it generally only takes effect after death and must go through probate.
A comprehensive estate plan may also include:
A Revocable Living Trust
A Financial Power of Attorney
An Advance Directive for Health Care
Beneficiary designations that coordinate with your plan
These documents help ensure that someone you trust is able to make financial or medical decisions if you are unable to do so while away from home.
Review Your Powers of Attorney
If you become incapacitated during your travels, who would be able to pay your bills, access your accounts, or communicate with your healthcare providers?
A current Financial Power of Attorney and Advance Directive can allow trusted individuals to act on your behalf, financially and medically, when needed. It is worth reviewing these documents periodically to confirm they still reflect your wishes and name the right people.
Check Your Beneficiary Designations
Retirement accounts, life insurance policies, and certain financial accounts often pass according to beneficiary designations rather than your Will or Trust.
Before traveling, take a few minutes to verify that your listed beneficiaries are current and consistent with your overall estate plan. Major life events such as marriage, divorce, births, or deaths may warrant updates.
Is Your Trust Is Properly Funded?
Creating a Trust is only the first step. Your assets need to be associated with your trust for it to function as intended. Take this time to review whether your assets have been attached to your Trust appropriately. An unfunded trust may not provide the benefits you expected.
Keep Important Information Accessible
Your listed agents and loved ones do not need copies of every estate planning document, but they should know:
Where your original documents are stored.
How to contact your attorney if needed.
Who you have appointed as executor, trustee, or agent under a power of attorney.
How to reach key financial or insurance contacts in an emergency.
Having this information readily available can save valuable time during an unexpected situation.
Update Your Plan After Major Life Changes
Estate planning isn't a one-time event. If you have recently experienced a significant change—such as getting married, divorced, welcoming a child or grandchild, purchasing property, starting a business, or moving to another state—your documents may need to be reviewed. Regular updates help ensure your plan continues to reflect your goals and current circumstances.
Travel With Peace of Mind
The purpose of estate planning is not to prepare for the worst. The purpose is to make life easier for the people you care about and ensure your wishes are respected if the unexpected happens.
Before your next vacation, add one final item to your summer travel checklist: review your estate plan. Spending a little time now can provide lasting confidence for you and your family, whether you are taking a weekend road trip or traveling halfway around the world.
What’s Next?
If any of these triggers resonate with you, our team is here to help. Before those summer travels kick off, contact Bequest to form your estate plan, review your existing estate plan, answer your questions, and/or recommend updates so you can travel with greater confidence this summer and beyond.