United States, 25th Jun 2024, King NewsWire - Estate planning involves securing your legacy, determining how your assets will be distributed, and making healthcare decisions in advance. With a solid estate plan, you can travel confidently, knowing that your financial, medical, and personal matters will be handled according to your wishes and that your loved ones will be protected.
Mark Fishbein of ALTA Estate shares ten essential estate planning steps to ensure peace of mind while traveling.
1. Review Your Will
Life events such as marriage or the birth of a child necessitate updates to your will to prevent disputes and ensure your intentions are clear. Confirm designated guardians for minor children and make adjustments for significant asset changes since your last review. This process safeguards your legacy and provides peace of mind.
2. Update Your Power of Attorney
Choose a reliable agent, define their powers, and regularly review the document for changes in your life or legal compliance. Discuss the scope of the POA with your agent and inform them and relevant parties of its location. Consulting with an experienced estate planner ensures your POA meets legal standards and protects your financial interests.
3. Health Care Directives
Alongside a living will, a health care proxy or medical power of attorney designates someone you trust to make medical decisions if you are unable. This person should understand your healthcare preferences and be willing to advocate on your behalf. This preparation ensures your healthcare wishes are honored and provides invaluable guidance to your loved ones and healthcare providers, especially when traveling.
4. Beneficiary Designations
Regularly update beneficiary designations on life insurance, retirement accounts, and other financial instruments to align with your estate plan. These designations are crucial as they determine who inherits these assets, bypassing probate. Life changes like marriage, divorce, or childbirth often require a review of your beneficiaries to reflect your current wishes. Consider the implications of naming minors or using trusts for more controlled asset distribution.
5. Create a Digital Asset Inventory
Modern estate planning includes managing digital assets such as online financial accounts, digital currencies, personal digital content, and social media profiles. List all digital assets, including access credentials and specific instructions for each—whether to delete, memorialize, or transfer content.
6. Secure Important Documents
Organize and secure essential estate planning documents, including wills, trust agreements, insurance policies, powers of attorney, and healthcare directives. Store physical copies in a fireproof and waterproof safe or a bank’s safety deposit box, ensuring your executor has access. Maintain encrypted digital copies and inform your executor how to access them. Share an inventory of these documents, detailing their locations and access methods, with your executor or a trusted family member.
7. Inform Your Executor or Trustee
Ensure your executor, trustee, or estate administrator is fully aware of the location of all essential estate planning documents. This communication involves informing them about the storage location of these documents and ensuring they understand the significance of each one.
8. Review Your Trusts
Regularly review your trusts to ensure they reflect your current wishes and are properly funded with the intended assets. Life changes such as marriage, divorce, or changes in financial status may necessitate updates to your trusts, including adjustments to beneficiaries, trustees, and asset distribution.
9. Emergency Contact Information
Provide your executor or a trusted family member with a list of essential contacts, including your attorney, accountant, financial advisor, and other key professionals involved in your estate. Include their names, contact numbers, and email addresses.
10. Letter of Instruction
Enhance your estate plan with a letter of instruction, providing detailed guidance and personal touches not included in formal documents. Express heartfelt messages, explain your decisions, and share your values with loved ones. Specify your funeral preferences and the distribution of sentimental items to ensure your final wishes are respected and personal legacies are passed on as intended.
Professional Estate Planning Starts with ALTA Estate
Mark Fishbein emphasizes the importance of these ten estate planning steps before you travel. By reviewing your will, updating your power of attorney, securing essential documents, and drafting a heartfelt letter of instruction, you safeguard your legacy and ensure your wishes are communicated and honored. Contact ALTA Estate today to review and update your estate plan.
The text above is for general informational purposes and should not be considered legal advice. For more information, click Contact Us. Follow Mark Fishbein Tucson Estate Planner, on LinkedIn or Facebook. Estate Planning Attorneys Tucson and Tucson Trust Lawyers.
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