Estate plans can help protect your assets and make sure your wishes are known in the event of your death. While many people think that once your estate plan is created there is nothing else to worry about. However, this is a common misconception because estate plans should be reviewed every couple years or when a major life change occurs.
Individuals should review their estate plans every few years, when a major life change happens and even before they travel or take a vacation. Reviewing and making any necessary changes before you take a big trip or vacation will help ease any worries and make handling your estate much easier in the future.
First and foremost, individuals going on vacation should create an estate plan if they haven't already. For those who already have an estate plan, it is important to review and update your estate plan before you leave for your vacation.
Individuals should review their estate plan and make revisions when there are changes in the family, changes in your financial situation or if an executor or trustee can no longer take care of your estate plan. It is also wise to review and update your titles and beneficiary designations, especially if the beneficiary has died or if you have gotten divorced.
Before going on a trip, individuals should make sure they have a guardian named for their minor children to make sure they will be taken care of in the event of their death. It is also important to review your life insurance policies to make sure the current coverage still meets the family's needs.
While it may not seem beneficial at the time, reviewing and updating your estate plan is a very important step to take, espeically before you go on a big trip or when a major life change happens. Planning and reviewing now will make it easier and less stressful for everyone in the future.