Guiding Families Along

Life’s Path For More Than 30 Years

  1. Home
  2.  | 
  3. Estate Planning
  4.  | You’ll want to make or update your estate plan before retirement

You’ll want to make or update your estate plan before retirement

On Behalf of | Apr 21, 2021 | Estate Planning

When retirement is on the horizon, you want to think about living life to the fullest, not about dying. However, the final stages of planning for retirement are an ideal opportunity for you to revisit your estate plan if you already have one or to create one if you have procrastinated about doing so.

The later stages of retirement planning often involve analyzing your assets, maximizing any passive income, minimizing risks for investment accounts and creating a working budget for your retirement years. Looking at your assets and future plans will give you an idea of what you have to leave to your loved ones as a legacy. You will also have to think about the later years of your life when you might need nursing home support.

Estate planning can help you protect your assets and rights while you’re alive while also setting up a legacy for when you die.

It’s easy to make a last will or trust when analyzing your assets

If you are already going to sit down to review your finances in-depth, what better time to create an inventory of your property so that you can decide how to distribute it after you die?

It’s also a good time to look at what property might be vulnerable to claims by creditors if you accrue a lot of debt when you get older. Setting up a trust now could help protect your property and establish a plan for your legacy.

You can protect your own security and your legacy simultaneously

Through the creation of a comprehensive estate plan with a living will, you can make sure that you have the care and support you might need if your health declines in the future.

Advance medical directives can give people information about your care preferences. Power of attorney documents will give people the authority they need to help you when you cannot help yourself. Trusts can protect your assets and make it easier for you to diminish your personal holdings so that you can qualify for Medicaid if you need to live in a nursing home later.

While it may not be much fun to think about these possible future events, you will be able to enjoy your retirement that much more knowing that you have plans and paperwork in place to protect yourself.