What Estate Planning Precautions Should I Take Before I Travel Internationally?

Many of us make a to-do list before we head off on vacation to a faraway destination. This list can include paying bills in advance, filling prescriptions and asking the neighbors to check your mail. But did you know you should also have an estate planning checklist before you fly out? There are some estate planning precautions to take before you travel internationally.

What Is An Estate Plan?

An estate plan establishes a will or trust to pass your assets to beneficiaries after your death. And it also includes preparation in case you become incapacitated. At a minimum, an estate plan should include the following:

• a will or trust
• a healthcare directive
• power of attorney

All people over 18 should have an estate plan in place. Even at a young age – because once your child has their 18th birthday, you can no longer talk to the doctors or make medical decisions if they are harmed in an accident.

What Are Some Estate Planning Precautions?

It is recommended to update your estate plan every 3-5 years – or if you have any major life changes. But another perfect time to update your estate plan is before you travel internationally. While we hate to think about it, traveling can be dangerous. You want to have everything in order before you leave the country.

Some estate planning precautions are:

• Create an estate plan – If you do not already have a will or trust, power of attorney and healthcare directive now is the time to do so. Traveling outside the country can make us think of our mortality and the ‘what ifs.’ We never want anything bad to happen while on vacation, but it’s best to be ready if it does.
• Review and update your existing estate plan – Things to review are:
  • Beneficiary designations – beneficiaries may change due to death, birth, divorce or new marriages.
  • Guardianship for minor children – do you still want the same person to be the guardian of your minor children if something happens to you?
  • Healthcare directive – if you still have your ex-spouse named in your healthcare directive, now is the time to change that.
• Review and update your insurance policies – Check who you have named as your benefactor for your life insurance and what policies you have for long-term healthcare.
• Organize your accounts and documents – Gathering everything together and having them in one place will greatly help your executor or trustee.
• Tell someone your estate plan – We can’t stress enough the importance of conversations. If you become incapacitated or pass away, telling someone your wishes will help them make the best decisions for you and your beneficiaries.

Working with an experienced estate planning attorney is essential. Before you pack that final carry-on bag, make sure you have reviewed and updated your estate plan.

Oak Brook Estate Planning Attorney

When you are ready to establish or update your estate plan, make sure you discuss your wishes with an estate planning attorney. Schedule a consultation with the experienced attorneys at  Estate and Probate Legal Group. Call us at 630-864-5835.

AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties