As Vincent Hoonings, CEO and founder of Wills.com, I've lived the digital nomad lifestyle fully now for over four years, embarking on adventures that span the globe—from Australia to the Americas and every corner of Europe. My journey from a traveling salesman to leading a remote-first business has shown me that with determination and the right planning, embracing a life of freedom and adventure is within reach for anyone.
Before living this lifestyle I was not unfamiliar with working abroad because for 18 years, my work took me across the world, but it was the birth of our daughter that truly tested our commitment to this unconventional life. Currently for at least part of the year our family's home base is a comfortably rugged RV in Mexico, powered by solar panels and connected by Starlink, proving that a nomadic lifestyle is not only possible but enriching and attainable. This experience has not only shaped my life but also deeply influenced the ethos behind Wills.com.
Estate Planning Considerations for a Nomadic Lifestyle
The essence of a nomadic lifestyle lies in freedom—the liberty to live, work, and explore wherever your heart desires. Yet, with this freedom comes the need for meticulous planning, especially when it comes to securing your legacy and ensuring your family's future. Here are essential considerations for fellow nomads:
Legal Residency and Tax Obligations
Understanding your country of legal residency's view on your lifestyle is crucial, especially for tax obligations and social security benefits. Each country has its own rules for determining tax residency status.
Healthcare and Insurance: A comprehensive health insurance policy that offers international coverage is a must, given the variability of healthcare systems around the world.
Banking and Financial Management: A reliable banking setup that allows global access to your funds is essential. Digital banking solutions are often the most convenient for those constantly on the move.
Estate Planning Laws Across Borders: It's important to know how different jurisdictions will affect your estate planning. This includes the recognition of wills, directives, and digital assets.
Digital Asset Management: Have a clear plan for your digital assets, including social media, digital currencies, and online businesses. Consider how these will be accessed and managed in your absence.
Secure and Accessible Document Storage: Use secure, cloud-based solutions like Vaultly™ from Wills.com for storing important documents. This ensures they're accessible from anywhere, anytime.
Regular Reviews and Updates: Your estate plan should evolve with your lifestyle. Regular reviews will help reflect changes in assets, family dynamics, and your nomadic journey.
Embracing the Nomadic Lifestyle with Wills.com: Wills.com was born from a blend of personal experience and the desire to provide comprehensive estate planning solutions that cater to the unique needs of digital nomads. Our platform simplifies the process of creating legally binding wills, managing digital assets, and securing your legacy, no matter where in the world you may be.
For U.S. residents, Wills.com offers state-specific will creation services, ensuring that your estate planning needs are met with precision and care. Our innovative app, featuring the Vaultly™ function, allows for the secure storage and management of all your essential documents and wishes, making estate planning a seamless part of your nomadic lifestyle.
Final Thoughts
If the city's hustle and the conventional 9-5 grind have left you yearning for freedom and adventure, the nomadic lifestyle might be for you. With careful planning and the right tools, you can secure your legacy while living the life of your dreams. Where there's a will, there's a way—let Wills.com be your partner in this journey, ensuring peace of mind for you and your loved ones, wherever your travels may take you.
Embark on your adventure with confidence. Visit Wills.com today to learn more about how we can support your nomadic lifestyle through comprehensive estate planning.