Travelling overseas can be an exciting adventure, but amidst the anticipation of exploring new destinations, it’s essential to consider the practicalities, including being prepared for the unexpected. Ensuring your estate planning documents are in order before embarking on an overseas trip is crucial for peace of mind and the protection of yourself in the event of unforeseen circumstances.
Estate Planning is a critical task that should not be overlooked, especially before undertaking travel. The last thing anyone wants to think about when planning a trip is the possibility of illness, accident, or death abroad. However, being prepared for such eventualities can alleviate stress and uncertainty for both you and your family. This ensures that your wishes regarding your assets, finances, and medical care are clearly documented and legally enforceable.
Before booking your flights and packing your bags, we strongly recommend having the following estate planning documents in order:
- Your Will: A Will is a legal document that outlines how you wish for your assets to be distributed upon your death. It allows you to specify beneficiaries, appoint an executor to manage your estate, and make provisions for any dependents. If you do not have a Will, your estate will be distributed as per the laws of intestacy which may not necessarily be what you would want. It is therefore extremely important to ensure that you have a valid and up to date Will prior to travelling overseas.
- Power of Attorney: A Power of Attorney is a legal document that appoints someone to look after your financial and legal affairs.
- Your Enduring Guardian: An Enduring Guardian is a legal document that appoints someone to make medical and lifestyle decisions on your behalf if you are unable to do so. This can include decisions about your medical treatment, accommodation, and day-to-day care.
- Superannuation Binding Death Benefit Nomination: Have you checked whether you have a binding death benefit nomination? If so, is your binding death benefit nomination currently valid? Most nominations lapse after 3 years. If you don’t have a valid binding death benefit nomination at the time of your death, then your nomination will be treated as a non-binding nomination which means that the trustee of your superannuation fund will have discretion when comes time to making payment of your superannuation.
Having these documents in place before your trip ensures that your wishes are clearly communicated and legally binding. It also provides peace of mind for you and your loved ones, knowing that your affairs are in order should the unexpected occur.
Our experienced team is here to assist you with the preparation of your estate planning documents, ensuring that you have comprehensive protection and peace of mind while exploring the world. Please call us on (02) 8355 8675 or email us at admin@augustandclaire.com.au if you would like to arrange a free consultation.