Just Retired? It’s the Perfect Time to Revisit Your Estate Plan

 

Hitting your chosen retirement age brings about a lot of emotions, and it can seem overwhelming to make this change from working full-time to stepping into whatever your next chapter looks like. Retirement brings about a significant amount of transition, and while you may be celebrating, you may also be nervous about what’s ahead. This substantial change in your life coincides with the need to review your existing estate plan.

 

What you had listed in your plan during your work years may not match up with your needs now. Perhaps your power of attorney agent is no longer around or able to serve in that role. Maybe you just want peace of mind that you’ve thought through all the possible options for your next phase.

 

A well-thought-out estate plan becomes an even more important consideration later in your life, especially in terms of planning for incapacity, but also in terms of deciding what happens to your assets when you pass away. Review your wills, trusts, and beneficiary designations on an annual basis to make sure that your intended plans align with what’s documented in your estate strategy. If you don’t already have one, work with an estate planning lawyer to create a power of attorney document, which enables another person known as your authorized agent to step in and handle tasks on your behalf if you become unable to do so.

 

Once you hit retirement, let your loved ones know where they can find all the most important documents related to your estate administration. You may also choose to introduce your professional team of experts like your insurance agent, financial advisor, CPA, and attorney to any of your grown children who may step into the important role of executor of your estate. While it will be difficult for them to deal with the loss of a loved one, you can make this process easier by planning for it well in advance. Set aside a time to meet with a talented estate planning attorney in NH today to discuss your options.