Why You Should Update Your Estate Plan Before Your Next Big Adventure.

Travelling the world, exploring new cultures, and experiencing adventures is a dream for many people. While these adventures can be exciting and life-changing, they can also come with risks. No one likes to think about their own mortality, but it's essential to have a plan in place, especially before embarking on a big adventure. This plan is known as estate planning.

Estate planning is the process of arranging your affairs to ensure that your assets are distributed according to your wishes after you die and knowing who can manage your affairs if you become incapacitated.  It involves creating legal documents such as wills and powers of attorney.

Some of the key components of an estate plan may include:

·         A valid will that specifies how your assets will be distributed and who will be responsible for managing your estate.

·         In your will appointing someone to be guardian of your children if both parents are unable to take this role.

·         A power of attorney that appoints someone to make financial and guardianship decisions on your behalf if you become incapacitated.

·         Appointing someone to make medical treatment decisions for you if you are unable to do this yourself.

·         A health care directive that specifies your wishes for medical treatment and end-of-life care.

·         Making sure that you have appropriate binding death benefit nominations in place for your superannuation.

Here are some reasons why you should sort out your estate planning before going on a big adventure:

Peace of Mind

When you're traveling the world, the last thing you want is to be worried about what will happen to your assets if something happens to you. By creating an estate plan, you can rest assured that your affairs are in order and that your loved ones will be taken care of if anything happens to you.

Protect Your Family

If you have dependents, such as children or elderly parents, estate planning is even more critical. Without a plan in place, your loved ones may face legal battles and financial hardships to access your assets. An estate plan can provide clarity and security for your family, ensuring that they are taken care of even in your absence.

Ensure Your Wishes Are Respected

Perhaps most importantly, estate planning ensures that your wishes are respected. By creating a plan, you can specify how you want your assets to be distributed, who will take care of your children, and how your medical decisions will be made if you become incapacitated. Without an estate plan, your loved ones may have to guess what your wishes were, which can lead to confusion, disputes, and even legal battles.

To ensure that your estate plan is valid and effective, it's important to seek professional advice from a qualified estate planning lawyer who has experience in this area of law. You can contact the friendly team at Norton Legal to provide you with guidance and support to help you create an estate plan that meets your unique needs and reflects your wishes.

In conclusion, estate planning is an essential step for anyone, especially those embarking on a big adventure. By taking the time to sort out your estate planning, you can protect your loved ones, ensure that your wishes are respected, and enjoy your adventures with peace of mind.