You may have an innumerable amount of tasks to square away before you head off on your trip. However, you may want to also consider adding “check on my estate plan” to this to-do list. Follow along to find out what you should consider doing with my estate plan before traveling and how a proficient New York City estate planning attorney at Zimmet Law Group, P.C. can work to ensure this is all settled before your travel date.
What should I consider doing with my estate plan before traveling?
Though it is not pleasant to think about, you must consider the possibility of getting involved in an aviation accident or otherwise a catastrophic accident while traveling. So before all else, you must notify your loved ones which estate planning documents you carry, along with where they can locate them in the event of a tragic accident. With this, you must also instruct them on how to access the safe deposit box, fireproof safe, or online folder in which these documents reside.
Of note, not letting your loved ones know about the existence of your estate plan essentially has the same effect and never establishing one in the first place. This is because, in the event of your unfortunate death, your loved ones may assume that they must turn your estate into the New York State probate court. Ultimately, the estate administration directed by probate law may not correlate with what you outlined in your established documents.
In addition to speaking with your loved ones, it is also necessary to comb through your estate planning documents yourself to make updates and edits as necessary. This is because there may be disclosed terms and conditions that no longer coincide with the status of your estate and overall life. Further, this may make your estate planning documents invalid and unenforceable in the event of your unfortunate death, similarly leading to probate.
In what other instances should I consider checking on my estate plan?
A rule that you should personally abide by is to check on your estate plan whenever you are about to participate in a physical activity that requires a waiver to be signed. For example, if you plan on skydiving, running a marathon, going horseback riding, going on a treacherous hike, etc. Another rule of thumb is to check on your estate plan whenever there is a significant change in your life. More specific examples are as follows:
- You have gotten divorced or remarried.
- You have welcomed minor children or grandchildren into your life.
- You have come into a great inheritance from a deceased loved one.
- You have sold off or bought many high-value assets.
- You have moved to New York from another state, or vice versa.
Undoubtedly, there is much to consider with your estate plan. This is why your next order of business should be to initiate a conversation with a talented New York City estate planning attorney. Someone at Zimmet Law Group, P.C. will be awaiting your phone call.
