Estate Planning for Retirement

An older couple looking over some papers

Estate Planning Must-Haves as You Enter Retirement

Retirement is an exciting time. After many years of hard work, the days of reading, traveling, and relaxing without the ping of your email is upon you. Now, all that’s left to do is guarantee that retired life will live up to its potential, worry free. To give you the peace of mind you’ve been craving make sure that your estate plan is in order so you can sit back and enjoy retirement.

Here are the top things to consider when estate planning for retirement

Fund Your Trust. Funding your trust simply means transferring the ownership of your assets from your name to the trustee’s name. This includes most assets like real estate, bank accounts, investment accounts and business interests. With a trust, you protect the value of your assets from certain estate taxes and the cost and time of probate.

Create a Living Will. A living will establishes the fine print of your end-of-life medical care. These allow you to outline medical wishes in advance, so that your family and doctors have a plan for addressing your healthcare. A living will documents all decisions from resuscitation to life support and can save family members and doctors from the grief of inflicting their own choices on your ultimate life-ending wishes.

Name Your Executors and Directives. There are a number of titles to appoint to one or many individuals that will take care of your estate before and after you’re gone. First, you’ll want to appoint a financial power of attorney and an executor. A financial power of attorney is someone who will manage your financial and property matters and sign your name if at anytime you are unable to do so while still living. An executor has the same task; however, they do not have any power to do so until your death. The executor conducts the final wishes in your will, pays your bills, settles claims, and makes sure your assets are distributed properly after death.

Manage Healthcare Directives. A power of attorney for healthcare, or advanced medical directive, will make medical decisions on your behalf when you are unable. Although you may have already outlined your end-of-life wishes in a living will, your medical power of attorney can provide input for situations that fall outside the scope of what is outlined in your living will, especially if your incapacity isn’t life-ending.

Estate planning for retirement means checking several boxes to check to ensure that your estate is properly organized. It takes an expert to ensure that your assets and your medical care is in proper hands. Anselmo Lindberg & Associates has the estate attorneys on staff so that you can rest easy in your retirement. Contact us today to start preparing your estate planning documents.

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