Whether you’re heading off to the beach or hitting the mountains to enjoy some time with your family, you might feel like estate planning is nowhere on your priority list. It’s difficult to think about your own morbidity, but it’s also important to consider this before you head off on summer travel. Here are five different steps you need to take before hitting the open road or boarding that flight.
Check Beneficiary Designations
Make sure that your life insurance, your IRA and your 401(k) plans have accurate beneficiary designations. Since these often do not comply with the terms of your will, it’s good to keep them updated regularly.
Create a Will
It’s relatively easy to put together a will when you consult with an experienced estate planning attorney and it’s something you certainly must have just in case an accident occurs.
Name Guardians for Your Children
Whether or not you choose to make a will – and you certainly should – it is imperative that you name a guardian for your children. Otherwise you may have no say over what happens to your minor children if something were to happen to you and your spouse.
Create Health Care Documents
Death is not the only reason to consider your estate planning options. If something were to happen to you where you become incapacitated, you would want health care documents in place to articulate your wishes.
Create a Durable General Power of Attorney
A durable general power of attorney is an important document to have established well before you travel. This allows another individual to make medical decisions on your behalf if you were to become incapacitated.
Although it’s difficult to think about your estate planning options, it’s a good idea to consult with a Massachusetts estate planning attorney now.