Part 2 in a 2-Part Series
Last week, we started a two-part series about how to prepare your estate documents prior to heading out for a summer vacation. Click here to read part one of this series.
More documents to gather before heading out for a summer vacation:
- Beneficiary Designations and Titles
Distribute accounts according to a beneficiary designation (e.g., life insurance policy, retirement account, etc.). Make sure the beneficiaries you named remain appropriate and consistent with other estate planning documents. Life changes are common. So, if someone dies or gets divorced, you may need to revisit original choices. In addition, make sure to transfer title to any assets acquired after creation of the trust. This eliminates the need for a lengthy, expensive, and public probate process to transfer assets to your beneficiaries.
Powers of Attorney
Assign a durable Power of Attorney (POA) for health care. Another name is a Medical POA or (an advanced health care directive). This document takes effect in cases of incapacitation, due to an illness or accident. It authorizes a person you have chosen (your agent) to make and communicate medical decisions on your behalf. This include those involving life and death.
You could become too ill to decide for yourself. Other related documents include: a living will that explains your end-of-life wishes and HIPAA authorizations that permit your health care providers to discuss medical issues with those named. A durable financial POA authorizes the agent you name to manage your finances or your business on your behalf. For example, they can pay bills or taxes, sell property, or access your bank or other accounts. This is either while you are away or if you are unable to manage yourself.
Guardian Designation
If anything happens to you while you are on summer vacation, the guardian you name in your will care for your minor child. (This assumes the court approves the who you name). If you do not name a person in your will, a court names someone. Although the courts make the best decision possible, their choice may not be who you would choose.
Medical Consent for Minors
If you are traveling without your child, or if your child will be attending a summer camp, it is important to prepare a medical release form so the person caring for your child will have your consent to obtain medical care for your child without delay if you are unavailable. It is also important to provide your child’s caregiver with a list of your child’s medications and allergies, as well as health insurance information, so that the caregiver, together with your child’s health care provider, can make well-informed decisions regarding your child’s care if the need arises.
Call Us Before Your Summer Vacation
A vacation is about relaxation, rejuvenation, and fun. The last thing you want is for it to be marred by an avoidable crisis. You can gain substantial peace of mind by taking precautions to protect your health during your travels and by ensuring that your estate planning documents are up to date before you leave. We can help you design an estate plan that will protect you and your family if anything unexpected happens during your vacation. Then grab your bags and enjoy your getaway!
About Skvarna Law in Glendora and Upland, California
Skvarna Law Firm operates offices in Glendora and Upland, California. We provide legal services. We cover San Bernardino, Los Angeles, Orange and Riverside Counties. This includes several cities. Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Pomona, La Verne, Montclair, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
