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?
Working with an experienced estate planning attorney familiar with Ohio’s laws and regulations is essential to ensure your estate plan aligns with your specific needs and goals. Estate planning can be complex, so seeking professional advice is recommended to create a plan that best fits your circumstances.
IF YOU ALREADY HAVE AN ESTATE PLAN:
- Are all assets accounted for, correctly titled, and included in that plan to avoid probate? (Think about major assets you’ve acquired since your last plan update.)
- Are your beneficiaries up to date?
- Do you need to make any changes to your Healthcare Power of Attorney or General Power of Attorney? (Are those individuals you selected still the right people for the job?)
- Have you been meaning to establish a 529 plan for a grandchild?
- What plans have you made for your long-term care already? Should they be reviewed?
IF YOU DON’T HAVE AN ESTATE PLAN
If you are entering retirement or are about to do so, let’s talk about your situation and getting your affairs in order. The list below is a good starting point for your plan that we’ll customize to your specific needs.
- Create a Will: It is essential to have a valid will to ensure that your property goes to the individuals or organizations you choose.
- Consider a Living Trust: A living trust allows you to transfer ownership of your assets to a trust while you are alive. You can act as the trustee initially, maintaining control over your assets and designate successor trustees to manage the trust if you become incapacitated or after your death. A living trust can help avoid probate, provide privacy, and potentially reduce estate taxes.
- Appoint Power of Attorney: This applies to both a General Power of Attorney and a Healthcare Power of Attorney. You should have both.
- Living will: This document lets medical providers and your loved ones know your wishes regarding end-of-life decisions. Having this may save your loved ones both stress and money.
- Beneficiary Designations: You don’t need an estate plan to have retirement accounts, life insurance policies, and other investments, but this is an excellent time to review those beneficiaries to ensure they’re up to date.
- Long-Term Care: Again, estate planning doesn’t have to include planning for your long-term care, but this is an excellent opportunity to make changes or review options.
Let’s get together soon to update your existing plan or create one. Having your “ducks in a row” provides you and your loved ones enormous peace of mind. One last thing, I offer a complimentary review of my client’s estate plans every three years, so once we work together on your plan, we can ensure it is updated at least every three years. My clients appreciate that. Call me at 513-399-7526 or visit my website for more information at https://davidlefton.com/estate-planning-for-all-stages/estate-planning-for-retirement/