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Check for these 3 items in your estate plan before retirement

On Behalf of | Apr 5, 2024 | Estate Planning

Planning for retirement involves more than just saving money and dreaming about leisurely days ahead. It also requires careful consideration of your estate plan to ensure that your assets are safe and distributed according to your wishes.

To help ensure a carefree future, there are three items in particular to check in your estate plan before you retire.

1. Beneficiary designations

Before you retire, be sure to review and update the beneficiary designations on your important accounts. These include retirement accounts, life insurance policies and any other assets that allow for named beneficiaries. Over time, life changes such as marriage, divorce, births or deaths may have occurred, impacting who you want to receive these assets.

2. Will and trust provisions

Your will and any trusts you have established play a central role in ensuring the distribution of your assets according to your wishes. Review these documents carefully to ensure they accurately reflect your current intentions. Consider whether any changes are necessary, such as appointing new executors or trustees.

3. Power of attorney and healthcare directives

As you approach retirement, it becomes more important than ever to have plans in place for potential incapacity due to illness or injury. Review your power of attorney documents, which designate someone to manage your financial affairs if you become unable to do so yourself. Ensure that you trust the individuals appointed and consider whether any changes are necessary based on your current circumstances. Similarly, review your healthcare directives, which outline your preferences for medical treatment and appoint someone to make healthcare decisions on your behalf if you are unable to do so. Make any necessary updates to ensure that your wishes are clearly communicated and legally documented.

Surveys suggest that only 46% of U.S. adults have a will in place. For those who have not begun the process of estate planning, particularly as retirement draws near, the future may be uncertain. Putting key affairs in order before retirement can give you and your family the peace of mind you need to enjoy your retirement without worry.