Summer and travel are virtually synonymous. Our time to get away to explore with family and friends has been planned for months. But many of us have overlooked an important review of our estate and financial planning.
Whether traveling in the U.S. or abroad, it is easy to forget that things happen – accidents, injuries and illness. And traveling with older relatives can present unique challenges. Review the travelers’ Powers of Attorney for Healthcare and for Property/Financial matters. This simple part of our Estate Planning ensures that an agent or surrogate is identified, so that healthcare and other matters can be addressed promptly and thoughtfully.
If the POAs are out of date, make the changes. Be sure that they are scanned and easily accessed when necessary. And take a copy in your luggage or carry-on. Do not travel with the original documents. Also, think about a wallet-card, so that the identity and contact information of your Healthcare Agent is readily on hand.
And be sure that Estate documents and financial information is readily available to family members and others who have key roles in your Estate and financial plans.
Adult children traveling for the Summer break or for special programs? If they are over 18 years old they should have their own POAs (and equally important when they return to campus in the Fall).
Remember, too, that a check-in with your financial consultant and your Estate planning attorney are worthwhile as well. Are your Living Trust, Will and other Estate documents up to date? Have you checked on your beneficiary designations? Are properties and other assets still waiting to be transferred (funded) into trust?
You have taken time to plan your travel. Finish that planning with these last, important steps to ensure a comfortable time away.
