Estate Planning for Those that Travel Frequently or Live in Multiple States
On this episode of A Wiser Retirement™ podcast, Casey Smith is joined by guest Brian Smith, Partner at Moore Ingram Johnson Steele, for an engaging conversation about estate planning for those that travel frequently or live in multiple states. They discuss having a power of attorney, medical health directive, will, and revocable living trust.
Estate planning is necessary for everyone, especially if you are a frequent traveler. The most important documents to have are a power of attorney and a medical health directive. These documents are typically drawn in the state where you live, or spend most of your time in. It’s important to always carry them with you when traveling. Nowadays, you can keep copies of these forms on your phone, which can come in handy when you are on the go. Your power of attorney can either be your travel partner or someone back home. What matters is that this person is aware of their responsibilities and that they are someone you trust.
Will and Revocable Living Trust
If you have property that you’d like to pass on, it’s very important that you have a comprehensive will in place. If you have properties located in different states, then a revocable living trust is a must. Dealing with foreign assets can be tricky because there is no guarantee that other countries will honor your documents. One solution to that problem could be to have multiple wills. For example, work with both an attorney in the United States and one overseas to come up with two different wills. If you have smaller children and are just now starting to travel without them, make sure you have the right legal documents in place to protect them. It’s important to name a guardian in case something happens to you and your partner.
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