Overseas Estate Planning Tips
Summer is a time when most of us go on a trip or vacation. Many of us will travel overseas; here’s a couple estate planning and financial common sense tips to consider before you leave overseas for your holiday.
Make copies of your financial and health care power of attorneys and take them with you, upload digital copies to the cloud, as well. If you’re in an accident, in a bind and need someone to handle your affairs, it’s best to have those documents in hand so that they can be shown to the necessary people or authorities. It’s also important to let your health care and financial agents know that you are traveling abroad. It should not come as a surprise to them if they need to step up and help you out. I advise having hard copies with you, since many places have inadequate Internet access.
If the kids are staying at home, or at the grandparent’s make sure you have a parents’ or guardians’ delegation of parental powers document in place. This will give whoever you designate temporary custody of your minor child should they need to go to the doctor’s office, or if they need a permission slip signed to go to the zoo with their summer camp. Give the document to your child’s caretaker.
Set up automatic bill payments and credit card payments. I recommend paying the minimum amount until you return. This will give you more cash on hand in case there is an emergency and you need the funds. If you are in the habit of paying more than the minimum, just make up the difference when you return.
Write checks beforehand, have someone mail them for you.
If you have rental properties designate or hire someone to collect your rent for you. Have them make the deposit for you. They just need to write, “For Deposit Only” on the back of the check with your account number.
Give someone you trust access to your computer and email accounts.
Share your overseas itinerary with friends and family. That way they’ll know where you are in case they need to get a hold of you.
If you don’t have an estate plan in place, and are planning on taking a vacation this summer, I would be happy to work with you. Please contact me at least a few weeks before you are planning on leaving.
This article is for informational purposes only and does not constitute legal advice about your case or situation. There may be exceptions to the information outlined above. Please consult an attorney if you have specific questions about your estate or a decedent’s estate.Follow me on social media: