Preparing for Your Summer Vacation with Estate Planning

By: Lauren Jones

Summertime is here, and you know what that means, VACATIONS! While airlines, excursions, and hotels are the top of your planning list, you also should include estate planning to make sure you and your family are protected.

The Estate Planning you choose before traveling can be varied, but may include a full estate plan, revocable living trust, and incapacity docs, which would cover you for the trip and beyond. Ideal right? However, most of us are not thinking about preparing a full estate plan before a trip, especially when we just spent a lot of money on the trip itself. So, what can you do to have some protection in case something happens?

First and foremost, keep in mind that these are very basic forms of estate planning and should not replace consulting with a lawyer and fully preparing your estate for your future. 

Holographic Will

One quick way to make sure your assets go to who you choose upon your death is creating a Holographic Will. Holographic Wills are Wills that are handwritten and signed by you, the testator. In California, the Will must be in the testator’s handwriting (not typed), signed, and dated by the testator who is at least 18 years old and of sound mind. There is no requirement that the Will be notarized or witnessed. However, be forewarned, that if your assets total more than the probate threshold of $184,500 after exemptions, then your estate will need to go through probate to be disbursed.

Incapacity Planning

While a Holographic Will manages distribution of your assets upon death, it does not prepare for incapacity.  Who will make your financial and medical decisions if you are incapacitated?

Financial Incapacity

Uniform Statutory Form Power of Attorney under California Probate Code Section 4401 can be prepared quickly and give power to your agent to make financial decisions on your behalf when incapacitated. Please read all instructions of any power of attorney you fill out. It will likely be effective immediately, instead of upon incapacity, unless you state otherwise. This document must also be signed notarized.

Medical Incapacity

Many times, you can obtain an Advanced Healthcare Directive from you physician or medical facility. In this document you can state who you want to make your medical decisions as well as provide instructions. The document can be kept on file with your medical facility; however, you should always retain a copy for yourself. Read through the document carefully before making your decisions. Also, make sure that you fully execute the document as required, which may need witnesses or a notary.  

Last, but not least, make sure the people in charge have access to the original documents.

Remember, these are quick options, but do not provide full estate planning solutions. Each person’s needs are very different. You should consult with an attorney to discuss the best options for you. We offer free estate planning consultations. Contact us today to discuss your estate planning needs!