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I’m Going on a Holiday – What Estate Documents Should I Have Before Take-Off?

Picture this: you’re packing your bags for a long-awaited holiday in a far-off land. Maybe you’re traversing the terracotta streets of Florence… maybe you’re planning on soaking up the rich history of Japan… or perhaps you’re planning a month of toes up under the sun on a tropical beach somewhere.

You’re long overdue for a break and you’re as ready as ever with your passport, your sunscreen, and an adventurous spirit. But, have you thought about what would happen to your money if something were to happen to you while you’re away? It’s not an enjoyable thought, but it is critical to make sure your estate planning is in order before you take off on your next adventure.

Why is this so important? Quite simply it’s to avoid other people having to pick up costs and significant inconveniences if you were to become seriously ill,  or even pass away while overseas without them having access to those documents that can help them help you.

Without clear direction in who should be taking control there can be legal challenges, and added stress for your family and beneficiaries during an already difficult time.

Below are seven steps you can follow to sure up your Estate planning affairs before jetting off on your next holiday.

  1. Create a will or check your current will is valid
    A will is a legal document that outlines how your assets will be distributed after your death. It is important to have a valid will to ensure your assets are distributed to the right people at the right time.
  2. Appoint an executor
    An executor is responsible for managing your estate after your death. It is important to appoint someone you trust and who is capable of managing your affairs.
  3. Review your superannuation and insurance
    Make sure your superannuation and insurance policies are up to date, and that your nominated beneficiaries are current.
  4. Consider an Enduring Power of Attorney (EPOA)
    A power of attorney is a legal document that allows someone else to make decisions on your behalf if you are unable to do so yourself. It is a good idea to have a Power of Attorney in place, especially if you will be overseas for an extended period.
  5. Make a list of important documents
    Before you leave, make a list of important documents, such as your will, insurance policies, superannuation documents, and power of attorney. Keep these documents in a safe place, and make sure someone you trust knows where to find them in case of an emergency.
  6. Inform your executor and loved ones
    Let your executor and loved ones know where your important documents are kept, and provide them with contact information in case of an emergency.
  7. Seek professional advice
    Consider seeking professional advice from an estate planning lawyer or financial advisor to ensure your affairs are in order before you leave.

Following these steps for the first time, makes it easy to update and adjust your preferences in the future.  By taking these steps, you can ensure that your estate planning affairs are in order before you leave the country for your holiday.

About the Author:

Ben Sumner | Financial Advisers Perth | Vantage Wealth Management

Ben Sumner – Associate Adviser – Vantage Wealth Management

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