Estate Planning for Frequent Travelers

Estate planning is a complex, yet crucial, process that can be made even more challenging by frequent trips away from home. When creating or updating an estate plan, it is essential to address the unique considerations that come with frequent travel. To make sure that your estate plan addresses your needs and goals, the Indianapolis attorneys at Frank & Kraft, discuss some estate planning tips specifically geared toward frequent travelers.

Estate Planning Tips for Frequent Travelers

A well thought out estate plan should take into consideration your unique circumstances along with your individual needs and goals. If you are someone who travelers frequently, for business or for pleasure, you should address the estate planning concerns that come with your lifestyle. Some estate planning tips for frequent travelers include:

• Digitalize and Secure Key Documents: Prioritize the digitalization of crucial estate planning documents, such as Wills, trusts, Powers of Attorney, and advance directives. Store these securely in a password-protected, cloud-based system, granting access to a trusted individual in case of an emergency.
• Travel-Friendly Estate Plan Summary: Create a condensed version of your estate plan for easy portability during travels. Include essential contact information for your attorney, healthcare agent, and executor, along with a brief summary of your wishes. Keep this summary in a secure location.
• Plan for International Travel: If international travel is frequent, consider the implications for international estate planning. Consult with your attorney to ensure compliance with international laws and address potential challenges.
• Designate a Contact: Designate a local contact with access to your digital documents, capable of acting on your behalf in emergencies during your travels. Ensure they understand your estate planning intentions.
• Regular Review and Update: Ensure the ongoing relevance of your estate plan by regularly revisiting it. Annually, or after a significant trip, assess your plan to ensure it aligns with your current wishes and circumstances, considering the dynamic nature of personal and financial situations.
• Regularly Update Beneficiary Designations: Consistently review and update beneficiary designations on life insurance policies, retirement accounts, and other assets. Confirm that these align with your current wishes and financial circumstances.
• Digital Asset Management: Develop a plan for managing substantial digital assets, such as cryptocurrencies or valuable online accounts. Specify how these assets should be accessed, managed, or transferred if you are unable to do so.
• Empower Your Power of Attorney: Ensure your designated power of attorney possesses the necessary authority and instructions to manage your affairs effectively during your travels, including financial, legal, and healthcare matters.
• Stay in Close Contact with Loved Ones: Keep your loved ones informed about your travel plans and estate planning. Ensure they know where to locate critical documents and how to reach your attorney or financial advisor in case of an emergency.
• Maintain an Emergency Contact List: Prepare a comprehensive emergency contact list, including family members, close friends, and essential professionals. Carry a physical copy while traveling and store a digital copy securely online.