Estate Planning For Retirement
Now that you’ve retired and are on a fixed income, it is time to create or update your estate plan. This is a new life stage and it has its own particular opportunities and challenges. Ask yourself the following questions to get a good sense of what you should be thinking about right now.
- If there is an existing trust plan, are all assets accounted for, correctly titled, and included in that plan to avoid probate?
- Do you have adult children with health or mental disabilities? Does your estate plan include them or does a change need to be made?
- Are all your beneficiaries up to date?
- Are your Healthcare Power of Attorney or General Power of Attorney designated decision-makers still the right people for the job? Has anyone moved out of state or become unavailable for some reason?
- Have you been meaning to establish a 529 plan for a grandchild?
- Do you have long-term care? If not, are you thinking about it?
Important to know
It is common to acquire property or other assets over the years that fail to be added to your trust. Those assets would likely have to go through probate … causing your heirs stress, time, money, and possibly family disputes. You don’t want them to go through that. Do you?
Time flies and no one knows what the future holds. This is a good time to establish an estate plan or update an existing one. You want to protect your hard-earned assets and your loved ones. It is a considerate and loving act to have all your “ducks in a row”. If something happens to you, your surviving spouse, children or grandchildren shouldn’t have to guess what you wanted. Nor should they be forced to follow outdated directives because you never found the time to update your will and trust. As they say, no time like the present!
IMPORTANT TO KNOW: I offer a review of estate planning documents, that I have prepared, every three years to ensure your estate plan is current and meets your needs. This review can be extremely valuable for my clients whose estates are impacted by fluctuations in the federal estate tax laws.
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