What You Should Consider Before Going on Vacation This Summer
It’s hard to believe but summer is almost upon us! Although summer is a great time for lots of activities and trips with the family, it is one of the most dangerous times of year. With a surge in travel during the summer months, the rate of auto accidents increases by nearly 10%. Of course, there are amazing safety features built into today’s cars but accidents can always happen, no matter how safe you are.
Unfortunately, with the rise in auto accidents, the rise in auto-related injuries and fatalities increases as well. That is why you should make sure your estate plan is up to date before the start of summer. Wouldn’t you travel with more calmness if you knew you had taken the necessary steps to protect your family if something unthinkable should happen to you? Here are some documents that you should consider putting into place before you hit the road:
- Advanced Directives
Among the Advanced Directives, the Designation of Health Care Surrogate and Durable Power of Attorney are, arguably, the 2 most important documents to have prepared before you travel. Your Healthcare Surrogate is a trusted family member or individual that you appoint to make medical decisions on your behalf if you become incapacitated physically and/or mentally. The person named under your Durable Power of Attorney will assist you with your finances until you are well enough to do so. Not having these important documents puts your health and finances at risk.
- Guardians for Minor Children
In the unfortunate circumstance that you pass away, you need to ensure that your children will be cared for by the person or people of your choosing. You can name short-term guardians in case of emergency, and then plan for long-term guardianship. For this purpose, our Kids Protection Plan™ (KPP) is ideal as it ensures there is no gap in your children’s care, no matter what, and it allows you to describe your wishes in regard to all aspects of your children’s life. At the very least, it is tremendously important that you have a list with all your children’s medical information including their doctor’s phone number and a list of allergies, medications, etc. when you are traveling.
- Establish a Revocable Living Trust
A Revocable Living Trust is a great document to have in place as it determines who will receive your assets upon your passing. Because it is “revocable”, it can be changed at any time during your life should your wishes and/or circumstances change. In the event that you become disabled due to an accident, your appointed Successor Trustee can assist with your finances until you are well. In the event of your passing, they will help ensure that your wishes are carried out and your assets are distributed to your beneficiaries.
- Life Insurance
Life insurance is extremely important for parents. If you do not currently have life insurance, you should strongly consider it. It’s fairly cheap and it provides a peace of mind knowing your children will be provided for and that your debts will be paid when you are gone. Some questions to ask yourself: Is my life insurance current? Is it still sufficient to meet the needs of my family? If not, then you should revise your policy before you go on vacation.
Before you go on vacation, call Kira Doyle Law at 727-537-6818 to discuss other planning tips and make sure you have these important documents in place.