Once you’ve reached the decade of your 50s, it’s time to tap into your accumulated life experience and wealth by investing with purpose and confidence. You also need to take steps for risk management such as ensuring that you have the right estate planning documents in place for your needs. As you enter your 50s, you may already be thinking about your intended retirement date and whether you have enough saved. It’s also natural to think about documenting your medical wishes should you be unable to share them on your own, too.
A sudden disability, injury or illness may render you unable to make decisions for yourself, and these important estate planning documents can make things easier for the loved ones appointed in those critical decision-making roles. You having these documents in advance makes it easier for them to take action quickly and make decisions that are aligned with your personal wishes. For many women, the stage of being in their 50s brings the experience of empty nest.
The average woman in the United States, however, becomes widowed at around age 55. Factoring in the unexpected is extremely important. You and your partner’s finances and estate plan may be combined together, but it’s worth another look with the help of a qualified estate planning attorney to consider issues you may have neglected previously. A lawyer’s guidance can help you adapt your estate plan for every decade of life and season. Call our New Hampshire or Maine estate planning attorneys for a deep dive into your planning future.