Summertime is around the corner which makes right now a great time to plan for the unthinkable. The end is one of the few certainties in life for everyone, even the Man of Steel. You’ve probably already invested an hour looking for the cheapest flights or finding the right hotel. But have you invested any time thinking about what your family’s vacation might be like if you weren’t alive this summer?
No one likes to consider what happens should they pass unexpectedly.
Who will take care of your share of the rent or mortgage?
How will your spouse keep up with paying all the funeral expenses, credit card
bills, car payments, Florida pre-paid payments?
If both you and your spouse die, who will take care of your kids? How will
whoever ends up with them pay for their expenses?
If you think that your life is expensive now, just wait and see how expensive your death is for your survivors. Planning for the inevitable is probably the most important thing that you do for your family before you travel.
Getting the right advice is essential and it doesn’t have to cost a lot. Internet forms are better than nothing, but nothing beats getting the right advice. A consultation takes less time than your flight search, and acting now before you travel is the responsible thing to do.
Bundles are a great way to get the essentials without spending all the vacation money. Before you travel this summer you should have a working knowledge of what you have (or should have) when it comes to your will, a living will, a health care surrogate and medical directive, power of attorney in the event of incapacity, term life insurance (at least), disability insurance, guardianship of your children, and assess the pros and cons of establishing your assets in a trust.
Growing families should have the ability to add children to their estate plan and work to avoid having whatever assets they have protected from costly probate fees and taxes.
You might already have your reservations you may even be packed, but ask yourself, or your spouse before you hit the road this summer, are you really ready?
This entry shall not be construed as formal legal advice and does not form an attorney-client relationship. Matthew E. Ladd, Esq. is an attorney in Coral Gables, FL who practices in the areas of State and Federal Civil and Criminal Litigation and estate planning.