7 Must-Do’s Before Your Summer Vacation

The summer season is here! And that means travel and vacations are high on everyone's list. One thing that might not make it to a typical traveler's to-do list is estate planning—but it couldn't be more important as you prepare to enjoy the sandy beach or the Rocky Mountains. Americans spend more time planning their vacation each year than planning their estate. Knowing what would happen to your family if something happened to you is critical for travel with peace of mind. Before heading off on your summer vacation, check a few estate planning items off the list first: Establish guardianship for minor children. If you have minor children, there is never a good excuse to neglect this all-important step: choosing a guardian for your children. Give your children's caretaker the legal short-term guardianship document needed to ensure they can make decisions for your children in case of an emergency. Also lay out the plan for long-term guardianship if you aren't able to raise your children. Review or update your incapacity documents. Clarity in a legal document about what exactly happens in a medical emergency—who makes medical decisions for you, who your care providers can speak with, and what you want in an end-of-life scenario—takes this heavy burden off family members. Supplement these documents with an emergency wallet card to ensure your plan's wheels are rolling as quickly as possible. Organize your legacy drawer. Be sure you have an organized file of all your account statements and your full estate plan before you go. Also include a full list of usernames and passwords to your online accounts. And be sure to tell your family where they can locate the file if and when it becomes necessary. Complete an estate plan if you don't have one. If you've been putting it off, now is the time to complete your estate plan! Ensure your loved ones know exactly what you'd want them to do and that your insights, values, stories, and experiences aren't lost. Plus, without an estate plan, any children 18 and over will have full control over their share at 18 years old—that would be like winning the lottery but not in a good way! Update an existing estate plan. Has something changed in your life since you last updated your estate plan—a birth, death, marriage, divorce, different job? Each of these live events triggers the need to update your estate plan before you go out of town. Review beneficiaries. Beneficiaries of your retirement accounts, life insurance, and other assets should be reviewed frequently to ensure the proper beneficiaries are named. If you have minor children, it is never advised to name your children outright as beneficiaries; instead you should set up a trust and name the trust as beneficiary so your assets can pass without court oversight. Review or update insurance. Does your life insurance coverage still meet your family's needs? If not, it is time to update your insurance benefits before you hit the road.

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