Sun, Sand, And Estate Plan In Hand

Summer is finally here, and that means vacation time for many. Below is a quick checklist to make sure your estate plan is ready to go before you head out of town.

1. Review Beneficiary Designations. If you have a will, you have likely designated beneficiaries to receive your probate assets (meaning assets that will pass through the probate process) if you pass away.  Non-probate assets such as retirement accounts, life insurance policies, and other financial assets may include beneficiary designations as well.  Transfers to these beneficiaries will occur almost automatically and outside of the probate process upon your death.  Take some time to make sure your beneficiary designations are up to date.

2. Designate Powers of Attorney. It is important to make sure you have powers of attorney established in the event that you are in an accident and need someone to make medical or financial decisions on your behalf.  If you have not established powers of attorney and something happens to you, a court will intervene to appoint someone to handle these decisions on your behalf. Plan ahead to appoint your preferred representative and to save time, money, and headaches for your loved ones.

3. Choose a Guardian for Children. If you have young children, it is a good idea to make a guardianship appointment in your will. You may also wish to select a trustee to manage any assets you plan to pass to young children should something happen to you. 

4. Make Documents Accessible. Before you leave for vacation, store your estate planning documents in a safe place, and make sure your loved ones know how to access your documents should the need arise.  A lost or hidden estate plan will be of no use to anyone.

5. Don't Wait! You have spent months or even years planning and saving for your vacation, so why put off updating your estate plan until minutes before you leave?  Updating your estate plan does not have to be painful - getting started is the key.