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What does retirement mean for your estate plans?

On Behalf of | May 18, 2022 | Estate Planning

As you look ahead to your retirement, you are likely most concerned about your finances and whether you have enough saved for your future. You may want to know if you will have to return to work at some point or whether you have the savings you will need to cover unexpected medical needs. The financial concerns associated with retirement are substantial, but there are other important considerations as well. 

Entering retirement is an important milestone for you, and it marks an important opportunity to look over your estate plans. This is a time to make any necessary adjustments and changes to your existing plans, or you may need to create a plan if you do not already have one. During your golden years, it is more important than ever to have critical legal and financial protections in place. 

Important steps to take 

For those entering retirement without a will, now is the time to create one. This basic estate planning document can help you accomplish specific important goals, such as deciding what will happen to your property after you pass. Additionally, you may want to consider the benefits of adding a trust to your existing estate plan. With this estate planning tool, you can set aside and protect assets for a specific use in the future, such as the care of a minor or charitable giving. 

If you already have an estate plan, your retirement is an opportune time to review the plans you have and determine what other steps may be necessary. For example, you may need to change existing beneficiary designations on your retirement accounts and other types of accounts. You may also benefit from taking specific steps that will reduce certain types of tax obligations for yourself and your beneficiaries. Retirement is also a prudent time to organize estate planning documents and make a list of your financial information. 

A look at your future 

During your golden years, you deserve the peace of mind that comes from knowing your interests are secure. You can achieve this by remembering to update your estate plan or make important plans as soon as possible. Through thoughtful planning and a look at what is best for your long-term stability, you can feel confident about what is ahead for you and your loved ones.