Family Vacation and Estate Planning

Family Vacation and Estate Planning: Why You Should Prepare Before You Travel

Family vacations are meant to be joyful, relaxing escapes from the routine stresses of everyday life. Whether you're headed to a staycation, beach resort, a European city, or a national park, careful planning ensures everything goes smoothly — from booking flights to packing suitcases. However, one often overlooked but equally critical step in vacation preparation is updating or creating essential estate planning documents.

Why Estate Planning Should Be Part of Vacation Planning

Travel, while exciting, carries risks. An accident, illness, or unexpected event can happen at any time, even during a simple family getaway. Preparing estate planning documents beforehand offers peace of mind, knowing your loved ones are protected if the unexpected occurs.

Key estate planning documents not only ensure your assets are distributed according to your wishes but also allow trusted individuals to make medical and financial decisions on your behalf if you become incapacitated.

Estate Planning for a 50-Year-Old Couple Traveling Without Children

A couple in their 50s traveling without children should still make estate planning a priority. Even if there are no young dependents, ensuring that each spouse has proper powers of attorney in place is critical. Each should have designated someone (often each other) to handle financial and healthcare decisions in case of incapacity.

Additionally, reviewing existing wills or trusts is important. As retirement nears, it's wise to assess how assets pass to extended family, friends, or charitable organizations if something unexpected happens. If the couple owns property or business interests, clear succession planning can help prevent complications later. Lastly, they should also check travel insurance policies to see if any additional estate planning protections (such as repatriation of remains or medical evacuation coverage) should be coordinated with their broader estate plan.

Essential Documents to Prepare

Before your next trip, consider reviewing and updating the following documents:

1. Will and Revocable Trust (maybe): A last will and testament directs how your property and assets should be distributed. If you already have a will, check that it reflects your current wishes, including guardianship designations for minor children. For larger estates or complex family situations, a revocable living trust might be a better tool to avoid probate and maintain privacy.
2. Durable Financial Power of Attorney: This document appoints someone you trust to manage your financial affairs if you're unable to do so yourself. This could be crucial if an emergency happens while you're away.
3. Healthcare Power of Attorney and Living Will a/k/a Advance Directive: A healthcare power of attorney names someone to make medical decisions for you, while a living will outlines your preferences for life-sustaining treatment in an end-of-life condition. These documents ensure your medical wishes are honored and ease the burden on family members during a crisis.
4. Beneficiary Designations: Check that the beneficiaries listed on your retirement accounts, life insurance policies, and other financial accounts are up to date. These designations generally override instructions in a will.
5. Temporary Guardianship Forms: If you’re traveling without your children, consider signing temporary guardianship forms, allowing trusted adults to make decisions on their behalf if needed while you're away. Check your state’s stand-by guardianship laws.

Estate Planning for a Couple in Their 30s Traveling With Minor Children

For young parents traveling with minor children, estate planning carries even more urgency. Ensuring that a trusted guardian is named in your will protects your children from a complicated guardianship court process if a tragedy were to occur. You should also review your life insurance coverage to ensure there are adequate resources to care for your children’s upbringing, education, and health needs.

Additionally, young families often benefit from setting up a testamentary trust to manage and protect assets for children who may not be ready to handle an inheritance at 18 years old. A trust allows you to stagger distributions over time or provide for special circumstances like education or healthcare needs. Finally, it’s critical that both parents have updated healthcare powers of attorney and living wills that align with their wishes and needs. Young couples often overlook this step, but clear documentation can prevent confusion and stress in a crisis.

Practical Steps Before Traveling

• Review and Update: Even if you have an estate plan, review it before each major trip. Life events like marriages, divorces, births, or deaths often require updates.
• Organize Documents: Keep copies of your estate planning documents in a secure but accessible location. You might also provide copies to your appointed agents and key family members.
• Consult Professionals: If you don't yet have an estate plan or need updates, consult with an estate planning attorney. Professionals can ensure documents comply with current laws and meet your specific goals.

For Informational Purposes only and not for legal or tax advice.

About the Author – Marie Feindt, JD 

Marie Feindt is the Planning Specialist – Estate Attorney at Members’ Wealth, a boutique wealth management firm that offers a comprehensive and holistic approach to serving individuals, families, business owners, and institutions. The firm’s goal is to preserve and grow its clients’ wealth to endure over time, while thoughtfully evolving its strategy to suit an ever-changing world. With over 20 years of estate planning experience, Marie and the Members’ Wealth team thrive on bringing clarity and confidence to clients’ unique situations. She believes everyone, young adults and older, need the essential documents to conserve and preserve and transfer assets accumulated during lifetime to the next generation.

Marie received her JD from Widener University School of Law, her bachelor’s degree from Penn State University, University Park and is currently enrolled in the Villanova University Charles Widger School of Law Graduate Tax Program.

Marie is an Adjunct Faculty at the Villanova University College of Professional Studies Paralegal Professional Certificate Program where she teaches Estates & Trusts and Civil Procedure & Litigation and Torts & Personal Injury Law.

Marie volunteers for a monthly legal clinic at The Salvation Army in Chester, PA facilitated by the Christian Legal Clinic of Philadelphia. She has served on the Women’s Commission of Delaware County and as a Board Member for the Delaware County Literacy Council.

Marie enjoys biking, reading, yoga and walking in her free time with her husband and three children.

To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453. 

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