Estate Planning Steps to Take Before Your Summer Vacation
Summer is near, which means people are now beginning the countdown to their family vacations. However, before you head off on a much-anticipated road trip, itâ€™s important consider what would happen in a worst-case scenario.
It might feel morbid to think about these situations, but whenever youâ€™re going on a long trip, itâ€™s a good idea to have everything you need in place to protect your family. The following are a few estate planning steps you should consider taking before a vacation:
- Create (or update) a will: If you donâ€™t already have a will in place, thereâ€™s no better time than the present to create one. A will gives you control over what happens to all your assets after you pass away. If you already have a will, itâ€™s a good idea to review it annually to determine if you need to make any updates.
- Double-check your beneficiaries: Certain accounts have beneficiary designations and will pay out upon your death. Make sure you have assigned your desired beneficiary for your 401(k), individual retirement account (IRA), insurance policies and other accounts.
- Name a guardian for your children: If something were to happen to you and your spouse and/or the other parent of your children, you need to have a plan in place outlining who would assume guardianship of your children. This person is usually a trusted relative or close friend. Add a guardianship clause to your will and make sure your chosen guardian knows and agrees to the designation.
- Create advance directives: You should also establish power of attorney so you are protected in the event of your incapacitation. Your power of attorney agent will be able to make certain healthcare or financial decisions on your behalf, per the wishes youâ€™ve outlined in advance.
For further information and advice on what you should do to protect the interests of you and your loved ones, work with a dedicated Florida estate planning lawyer at The Charles Law Offices.