Planning a big trip this summer? Does your estate plan (or lack thereof) come to mind every time you board a plane or embark on a long drive? When we travel, we are often reminded of the remote but real possibility that we might not return due to death or serious illness.

Before any big trip, most of us create a to-do list of things we want to take care of before we leave. Everyone needs to periodically review and update their estate plan; planning a trip is just a great catalyst to stay organized and current. Here is a checklist of estate planning tasks to address before your next trip.

1. Meet with an estate planning attorney. Be sure to allow adequate time to discuss your estate planning objectives with your attorney and review and execute the documents drafted by your attorney before your trip.
2. Review and update existing documents as needed. Revisions should be made any time there are changes in your family (i.e., a birth, death, marriage, divorce, or remarriage), your finances, or the tax laws, or if a trustee, personal representative, or agent can no longer serve.
3. Review titles and beneficiary designations. If you have a trust and did not finish changing titles or beneficiary designations, now is the time to do so. Some assets should not go into your trust, so check with your attorney and make sure those assets are as they should be. You will want to confirm the primary and contingent beneficiary designations on all retirement accounts and life insurance policies are consistent with your wishes and the plan. If a beneficiary has died or if you are divorced, promptly make any necessary updates.
4. Review your plan for minor children or disabled beneficiaries. If a beneficiary is incapacitated or is a minor, setting up a trust for this person and naming the trust as beneficiary will prevent the court from taking control of the assets. You will also want to designate legal guardians for all minor children.
5. Organize your accounts and documents. This is an excellent task to do before you travel, and it will make things much easier for your trustee, personal representative, or agent. Make a list of all your accounts, where they are located, and the usernames and passwords, then review and update it before each trip. You should also include contact information for your attorney, tax professional, financial advisor, life insurance agent, medical providers, and next of kin. Print a hard copy as a backup and let someone you trust know where to find it. Clean up your computer desktop and put your financial and other important files where someone can easily find them.
   • You can also use our paperback Private Information Guide: The Personal and Financial Organizer. Available on Amazon: https://tinyurl.com/Private-Information-Guide Private Information Guide provides one place for you to record and organize all your personal, legal, financial, and medical information. Estate planning documents are important, but only part of the puzzle. Once completed, this organizer will contain critical information necessary to assist in the continuity of your medical care and management of financial matters in the event of your serious illness or disability and provide more efficient administration of affairs at end of life.
6. Talk to your trusted people about your plan. You do not have to show them your legal documents or financial information, but you can talk in general terms about what you are planning and why, and where you store your documents in case of need.

Like your vehicle, estate planning requires routine maintenance. Using each trip as a reminder to review your plan and financial affairs is a great way to stay up to date.

In AZ? We can help. Call 480-922-1010 or email info@bivenslaw.com to schedule a complimentary consultation today. 

 — Stephanie A. Bivens, Esq. CELA