Traveling offers a chance to explore new places and create lasting memories, but it also comes with the responsibility of ensuring your affairs are in order before you go.
One of the most crucial preparations you can make is to have all of your estate planning documents in place.
These documents can safeguard your financial and medical decisions if there is an emergency while you’re away from home.
1. Financial Power of Attorney
A Financial Power of Attorney (POA) allows you to appoint someone you trust to manage your financial affairs if you’re unable to do so. This is particularly useful when traveling, even when it’s not a worst-case scenario and simply a matter of calling the bank.
For instance, if an urgent financial matter arises—such as transferring funds or managing real estate—you might not be able to address it due to time zone differences or restrictions on international communications.
With a Financial Power of Attorney, your designated agent can step in and handle these tasks to keep everything moving at home.
2. Advanced Directive
An Advanced Directive, or Living Will, is a legal document that outlines your preferences for medical treatment if you become unable to communicate your wishes.
Since accidents or sudden illnesses can occur anywhere, and navigating healthcare systems in foreign countries can be challenging, this can give you peace of mind before you leave home.
By preparing an Advanced Directive, you can know that your healthcare decisions are respected no matter where you are. This document typically includes your preferences for life-sustaining treatments, pain management, and organ donation.
You can also designate a healthcare proxy—someone you trust to make medical decisions on your behalf—to ensure your wishes are followed.
3. Will
A Will is one of the most important estate planning documents, as it outlines how your assets should be distributed after your death.
If you don’t have a Will or if your Will is outdated, it’s crucial to address this before embarking on a trip – especially if the executor or guardian you name will be on the trip with you!
Before you travel, review your current Will to ensure it reflects your current wishes and any recent changes in your life, such as marriage, divorce, the birth of a child, or the acquisition of significant assets.
Having an updated Will ensures that your loved ones are cared for according to your wishes.
4. Revocable Trust
A Revocable Trust, also known as a Living Trust, is a versatile estate planning tool that offers flexibility and control over your assets during your lifetime.
Unlike a Will, a Revocable Trust allows your assets to be managed without going through probate, which can be time-consuming and complex, especially if you are traveling or living abroad.
With a Revocable Trust, you can place assets like real estate, bank accounts, and investments into the trust while still retaining control over them during your lifetime.
If something were to happen to you while traveling, your appointed trustee would manage the assets according to your instructions.
Secure Your Future Now with CPMT
Before your next trip, take the time to complete these essential estate planning activities.
If you’re ready to get started or need assistance reviewing your existing documents, Cohen Pollock Merlin Turner is here to help.
Contact us today to ensure your estate is in order before your next adventure!