Imagine that your boss invites you and your coworkers to join him or her on a river rafting trip in Canada. You think this is a great idea for a fun trip, in which you will get to know your coworkers better. Would your affairs be in order if an unforeseen tragedy at an exotic destination caused your death? That is what happened in the true story 1994 movie, White Mile.[1] A portion of the Chilko River in Canada that rushes through Lava Canyon is called “White Mile” because it is particularly rapid and turbulent. In the movie, White Mile, one of the co-workers died, and the family of the deceased co-worker sued the business owner. Would your last will, living trust, or estate plan accomplish your goals if you died while on vacation? Are there changes that you have been thinking about making but have not gotten around to it? Are you planning an exciting exotic vacation?
You might be at risk for accidental death even if you do not jump into risky extracurricular activities. The United State Center for Disease Control cautions anyone who drives an automobile in another country.[2] Forbes reported about the most dangerous holidays to travel by car in the United States.[3] Tragedy can even occur on a quick trip to Las Vegas, Nevada. [4]
Most people do not think about the risks they take during travel, the risks inherent at the location of their destination, or the risks taken by not updating their estate plans after significant life events like prior death of a spouse, marriage, divorce, and the birth or adoption of children. Who is going to wrap up your affairs, pay your bills, and distribute the rest of your assets to your beneficiaries? If tragedy strikes when you are on your fabulous spring vacation, will your last will, trust, and other beneficiary designations accomplish your legacy goals? How long has it been since you signed your last will or trust? Have you been married, divorced, or had children since then?
Dying unexpectedly while on vacation is bad enough. You may not be able to prevent accidental death while traveling or while vacationing, but you can absolutely make sure that your estate plan is up-to-date, current, and includes a process of implementing your strategies for tax-efficiently protecting your assets, preserving wealth, reducing family conflict, and maximizing government benefits.
Those of us who have worked hard, who are proud of accomplishments, and who want to be good stewards of God’s gifts want to carefully plan our affairs so that our legacy is meaningful. Now is the time to update your last will, trust, or family business plan so that your actual goals and objectives today are legally binding and enforceable. Call today. Marquardt Law Firm, P.C. focuses on last wills, living trusts, and tax protected inheritance plans.
[1] http://www.imdb.com/title/tt0111704/ (February 20, 2016)
[2] http://www.cdc.gov/features/internationalroadsafety/ (February 20, 2016)
[3] http://www.forbes.com/2009/11/20/dangerous-holidays-fatalities-lifestyle-vehicles-cars-traffic-accidents.html (February 20, 2016)
[4] http://www.reviewjournal.com/news/death-las-vegas/when-death-takes-vegas-vacation (February 20, 2016)
