Estate Planning for Cyclists

Typically, estate planning and insurance are not at the forefront of a cyclist’s mind while he or she is prepping for a bike tour. However, having an estate plan and insurance in place can help save time and money for the cyclist and will be an appreciated precaution for the cyclist’s family in the event tragedy strikes. A few important considerations all cyclists should look into before setting off on a bike tour (or before going for a short ride around the neighborhood) are below:

•  Health and Homeowner’s Insurance—Cyclists should keep health insurance information on their person, along with emergency contact information, a copy of ID, and a list of allergies. Homeowner’s insurance can provide liability coverage to pay a claim for negligent riding into a car, person, or other cyclist. 
• Auto Insurance—Auto insurance may provide cyclists with “medical payments” coverage in the event of injury caused by a motor vehicle. However, some policies limit the amount of medical payment coverage available to cyclists injured in car accidents. Uninsured coverage should cover injury expenses that resulted from being struck by an uninsured motorist. If the negligent motorist has some coverage, but not enough to cover all expenses, the underinsured motorist coverage may cover the unpaid expenses.
• Estate Planning—Cyclists should consider getting the following estate planning steps to ensure family and friends are taken care of in the event of incapacitation or death.
  • Prepare a will
  • Consider naming a trustee
  • Prepare a health care directive
  • Execute a financial power of attorney
  • Protect the property of your children (consider settling a trust)
  • File appropriate beneficiary forms
  • Look into purchasing life insurance
  • Set aside money for funeral costs and make final arrangements
  • Ensure your business is protected
  • Safely store important documents and inform a trusted family member or friend of the documents’ location

See Steven M. Magas (The Bike Lawyer), Bike Law, Adventure Cycling Association (Feb. 2012). 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.