6 Financial Considerations to Make Before Traveling This Summer

If you're like half of Americans, you're planning to travel sometime this summer. And while the trip itself should be fun and exciting, planning for it—especially a lengthy vacation or international trip—can be a particularly hectic and overwhelming experience.

Something many travelers overlook in the planning process is the legal and financial steps that should take place before leaving home. If you're planning a long holiday, it's especially important to have a plan in place to protect your loved ones and assets if something unexpected happens.

Here are some key estate planning elements to consider before traveling.

1 Check passport and visa requirements

Before traveling overseas, make sure you have a valid passport with at least 6 months left before the expiration date. Some countries may also require visas or other entry permits, so check the requirements well in advance of your trip.

Make a copy of your passport and leave it with a trusted person in case it gets lost, stolen or destroyed while abroad. You'll also want to look up the location of the American consulate office at your destination beforehand in case you need to obtain a temporary replacement.

2 Review and update your estate plan

Check that your plan is current and reflects your wishes, and be sure to update your will, trust, beneficiary designations and any other necessary documents. If you have minor children, include provisions for guardianship should something unexpected happen to you while you're away.

Discuss your estate plan with your family and chosen executor or trustee. Make copies of your estate planning documents, financial statements and any other important documents, and leave them with a friend or family member.

3 Execute recent powers of attorney

For a trip abroad, you'll want to have recently executed powers of attorney for both finances and healthcare. Let your agents know of the documents' location in case they need to step in for you should you become ill abroad or unable to return home in time to take care of financial obligations.

4 Ensure your home and assets are secured

Before you leave, alert a trusted neighbor, family member or friend that you'll be away for an extended period of time and ask them to keep an eye on your property. You may also want to consider hiring a house-sitter or security service to keep your home safe. Short-term leasing of your property may be a good option to consider as well.

Be careful not to post on social media that you're out of town. Wait until you return to share pictures of your vacation or check into your location so you're not alerting thieves to the fact that your home is unoccupied or your teenage children are home alone.

5 Notify providers that you're traveling overseas

Contacting your bank and credit card companies can help prevent needless account freezes and fraud alerts that may occur when your purchases seem out of the ordinary. Also consider talking to your bank about its foreign currency exchange services and transaction fees. Purchasing foreign currency through a bank or credit union is typically more cost-effective than at an airport or train station.

6 Consider medical travel insurance

Call your existing insurance provider to see what they cover if you require healthcare while away and what the process is if you become ill. Even interstate care may need coordination if you're out of network.

If you have factors that make you or someone in your party at a higher risk of a medical emergency—such as a chronic illness, severe allergy, older age or risky travel activities like surfing or rock climbing—consider purchasing medical travel insurance. If you need to be hospitalized overseas, the costs to transport you back to your home state could rise into the high tens of thousands.

While these tips aren't everything you should consider, they're a good starting point. Talking with a financial professional can also help you develop a thorough and effective strategy. With the right plan, you can enjoy your vacation knowing that your loved ones and assets will be taken care of, no matter what happens.