Frequent travelers, whether for business or leisure, require thoughtful estate planning. The unpredictability of constant travel necessitates an estate plan that can cater to different scenarios, safeguarding assets and ensuring loved ones are cared for in unforeseen circumstances.
Planning should involve creating essential legal documents like a will and power of attorney and considering international aspects of estate planning if one frequently travels abroad.
Essential legal documents for peace of mind
A comprehensive will should be a top priority because it allows you to designate who inherits your assets and can provide clear instructions on how your estate should be managed. If you have minor children, your will can also set a guardian for them in case of your untimely demise.
Frequent travelers should consider a durable power of attorney. This legal document appoints someone to manage your financial affairs if you are incapacitated and unable to do so. This is especially critical for those often away from home who cannot make urgent decisions.
Consider investing in a comprehensive life insurance policy for added protection. International travelers should ensure their life insurance policy will cover them when they aren’t in the United States. Find one that covers international travel and provides adequate financial support to your loved ones should the worst occur while you’re abroad.
The life of a frequent traveler is unique. Working with someone who understands your lifestyle and can help you to find ways to handle specific wishes is essential. Ideally, you’ll take care of this immediately so everyone is protected if something happens to you while you’re enjoying your travels.