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3 estate planning steps to take when you are retiring

Maintaining your finances and securing your estate plan as you approach retirement is crucial. You must consider whether you are taking the necessary steps to ensure your finances are in order for a comfortable retirement and adequate inheritance for your heirs. No matter what your income or net worth is, it is important for you to have an estate plan in place.

Are you ready for the next stage in your life? Do your children feel confident in their future inheritance? Keep reading for tips on protecting your assets as you get older.

1. Organize your estate

Of course it is not human nature to contemplate our own death, but it is necessary to get things in order sooner rather than later. As uncomfortable as it may be, now is the time to think about what will happen to your property and wealth when you are not here anymore. If you do not have a will, get ready to write one. You may also consider a living trust to actively manage your estate and help your heirs avoid probate.

2. Create powers of attorney

One critical aspect of estate planning includes crafting a medical power of attorney to designate someone as your health care proxy. This person will be responsible for making important decisions regarding your treatment should you become incapable of doing so. A financial power of attorney will entrust someone with your money matters in the event of your incapacitation. 

 

3. Choose trusted advisers

Saving options, benefits and laws are almost always changing and getting more complicated. It can be confusing and daunting to try and figure everything out on your own. You can handle your estate better with the counsel of a trusted financial advisor and estate planning attorney. 

If you follow these estate planning basics, you will be in better shape throughout retirement. Consult an estate planning attorney if you have more questions.

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