One of the more stressful pre-vacation conversations among families deals with the status of their estate and life insurance plans. Are they current? The conversation usually goes, “Let’s hope that nothing happens, and we’ll deal with it when we get back.” When the family does get back, however, the topic falls off the “to-do” list until next summer’s hiatus.
A Vacation Pre-Departure Checklist
- Tell your trustee or executor where all of your important documents are located, and make sure he/she has access to them. For example, if you keep your important papers in a safety deposit box or safe, make sure you leave him/her the key or combination.
- Review your life insurance policies. Do you have enough coverage?
- Double-check the beneficiary designations on life insurance, retirement plans and annuities. Are they coordinated with your estate plan? (In our experience, most are not.)
- Is your living will and healthcare power of attorney up-to-date with the HIPAA Act?
- Has anything changed that your advisors need to know about before you leave town?
- Lastly- (from personal experience) copy the contents of your wallet, front and back in case you lose it.
Thanks to Attorney Dagmar Pollex for the idea