Planning Travel or Dangerous Activities
Adrenaline junkies and travelers rarely stop to take a breath, but if you travel often or participate in extreme sports, an estate plan is essential. Imagine what would happen if anything should happen during your trip. Who would be left behind to deal with so much? Having a will, trust, or estate plan will ensure that your legacy lives on and your estate is split how you would want for it to be split. Before you travel, or participate in extreme sports, you will want to ensure that your affairs are in order.
In the event of your death or incapacitation, the following are areas of your estate you should carefully plan for. A local trust or estate planning and asset protection attorney can help you cover your personal estate needs.
A Last Will & Testament
You should have a will, but especially if you are planning on traveling, locally or abroad, and regardless of the length of your trip. The number of incidents that leave individuals unable to care for their families is much more for extreme sports junkies, and we urge you to review or update your will. You’ll especially want to review if you are planning a honeymoon or activity as part of a major life event.
A Guardianship
If you have any dependents under the age of majority (18 years old) you will in the least want to ensure they have a guardian named to care for them. Many people leave this person named in their will, but much more should be considered for your children in the event you can no longer care for them. At TrustAttorneyOnline.com our featured attorneys can document the individual you name to oversee financial affairs and make provisions for financial well-being.
A Living Trust
Many people create a trust, but forget to move assets into the trust. If you have a living trust you will want to review to ensure that your account is current. Before you travel you can have documents drawn up that cover you for the duration of that trip, or beyond. If you travel frequently you will want to let your attorney know so that they could understand the circumstances in which these documents may be necessary.
A Review of Assets
Your Trust Attorney may want to review the assets and beneficiaries named to those assets as well. If you have had any significant life event they will definitely want to review them to ensure that your estate is properly divided and your family properly cared for, should the unthinkable happen. Many times individuals contact trust attorneys when they have the opportunity to take a trip of a lifetime, and this asset review may allow for them to take it with peace of mind.