Many adults have an estate plan, and those who don’t should consider creating one now. Some people may not realize that shifts that occur when a person retires may mean that long-term planning needs to shift along with them.
For people who are retired, reviewing and updating an estate plan can help to ensure their current wishes are reflected clearly. The process starts with checking the will, which outlines how assets are distributed and who will serve as the estate executor. Looking at each person named in the plan and determining if anyone should be removed or added is beneficial.
While you’re checking on the will, take the time to look at beneficiary designations for accounts that aren’t listed in the will. This can include retirement, checking, investment and checking accounts. It may also include life insurance policies. These designations usually stand alone, so they must be correct.
Review end-of-life directives
As people get older, they may start to have changes in their health. Making sure that advance directives are up to date is critical. This includes the living will and the healthcare power of attorney to clarify your wishes about medical care if you become incapacitated.
If you become incapacitated, your finances will also have to be handled. Setting up a durable power of attorney allows a trusted individual to make decisions about your financial affairs if you can’t make them. This can help to bypass lengthy court proceedings to get this set.
Taking the time to get your estate plan reviewed and set after you retire may help to give you peace of mind. It may be beneficial to work with someone who can assist you with doing this.