Estate planning in retirement: Details requiring your attention

Estate planning in your younger days is much different than estate planning for the second half of your life. As you reach retirement age, there are specific details that deserve your attention.

Even if you've put a lot of time into estate planning in your younger days, it doesn't mean you can forget about this after you hang up your work boots. Instead, focus on the following details to ensure that you, your family and your finances are in order.

  • Passing on your assets: This is what most people think about when creating an estate plan. Be clear in regard to who gets what upon your death. There are many ways to do so, including a will, a trust and naming retirement plan and life insurance beneficiaries. These things can require changes over time, so review them often.
  • Lowering your taxes: This may not save you money, but it will go a long way in putting your loved ones in a better financial position. For example, you can use a trust to decrease the amount of your estate that is subject to taxes. Minor changes can lead to big tax savings upon your death.
  • A plan for future care: You hope you're healthy until the day you pass, but you realize this isn't always the way things work out. There are many things to think about in regard to future care, such as how you will pay for a nursing care facility and who will make important medical decisions if you're unable to do so. It may be time to learn more about a living will and health care proxy.

Don't be afraid to make changes

As you age, your life changes in many ways. The estate plan that worked for you in your 30s and 40s may not do much for you now that you're closing in on retirement or have reached this part of your life.

It's not always easy to make changes to your estate plan, as you may have concerns about making a mistake, but the proper approach can put your mind at ease.

Estate planning in retirement should take into consideration many details, all so you and your family have the peace of mind you deserve. Visit our website for additional information on estate planning, estate administration and related details in California.

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On behalf of The Elder and Disability Law Firm, APC posted in trusts & trust administration on Monday, July 8, ...
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