Whether you are already retired or you’re thinking about retiring soon, have your estate plan ready to help you protect your financial and retirement goals. There’s a lot of big changes that come with retiring and being prepared with your estate plan will help you move smoothly and freely into this next phase of your life. Here are some things to keep in mind when it comes to estate planning for retirement.
If You’re Moving to a New State
If your retirement is taking you to sunnier skies, or a location change in general, don’t forget to update your estate plan according to laws in your new state. Estate planning laws will vary by state so it is important to reach out to a professional in your new area so make sure your estate plan still covers your goals but is also in agreement with your new state’s laws.
If You’re Buying or Selling properties
Along with moving, if you are buying or selling property, make sure you update your estate plan accordingly. Even if you aren’t residing full time or permanently in the new property you’re purchasing, make sure it’s in your estate plan to avoid any confusion when the time comes for your beneficiaries to pass on your assets. You don’t want your estate to have to go through the probate process.
Discuss Inheritances with Children or Beneficiaries
One of the biggest mistakes you can make when it comes to estate planning is not discussing your plans with your beneficiaries. In retirement you may be changing how you are handling your finances, so if you have a named executor of your estate, let them know your plans and give them a good overview of your situation. Along with keeping a wealth inventory and account list, letting your beneficiaries know your plans and where to find important information is key to a smooth transition of your assets.
We can help you prepare your estate plan for retirement. If you need an estate plan or need to update an existing plan, contact us for your free initial consultation. There’s no cost to seeing if we are the right fit to help you with your estate planning goals.
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Disclaimer: This article is intended to serve as a general summary of the issues outlined therein. While this article may include general guidance, it is not intended as, nor is a substitute for, qualified legal advice. Your review or receipt of this article by Lexern Law Offices, Ltd. (the “LLG”) or any of its attorneys does not create an attorney-client relationship between you and the LLG. The opinions expressed in this article are those of the authors of the article and does not reflect the opinion of the LLG.