Protecting your assets in retirement may not be the first thought as you’re getting closer to the next phase of your life. Much of our working lives is focused on saving enough to be comfortable in retirement, not necessarily what happens once we get there. But learning now how to protect your assets in retirement will successfully set you up for a comfortable and worry-free retirement.

Protecting Your Assets in Retirement

If you’re reading this, then you’re most likely at a point in your life where you’re planning for retirement. If you are at this point, then you are also likely to already have an estate plan. If you don’t have an estate plan, that should be one of the first steps you take in your retirement planning. Protecting your assets in retirement has much to do with your estate planning. There are many ways to use your estate plan to protect your assets, especially in retirement. Talk to your estate planning attorney about your goals in retirement and they will be able to guide you through the best ways to achieve your goals and protect everything you’ve worked for at the same time. If you don’t have an estate plan, start one NOW!

Best Estate Planning Documents to Have in Retirement

Revocable Living Trust: you name a person to gain control of your assets held by the trust and to be used for your care in the case you lose capacity or pass away. With a revocable trust you can still make changes while you are alive.

Healthcare Power of Attorney: names a person of your choosing to have the legal authority to make decisions on your behalf about your medical treatment.

Living Will: lists specific wishes for your medical decisions in the case you are incapacitated.

Durable Financial Power of Attorney: gives the person you name immediate power to make financial and legal decisions on your behalf.

Beware of Scammers

Every day it seems like there is a new scam to be aware of. These scams almost always target the more vulnerable population and as you get older it may be harder to tell what is a scam or what’s legitimate. If you have a solid estate plan then you might not have much to worry about, but if you don’t, one wrong click could lead to serious trouble. With the scary stories about guardianship, having an estate plan and being aware will keep you safe.

Always consult with your estate planning professionals when it comes to your retirement goals. Especially if you are moving once you retire, always talk to someone in your area to follow local laws.

If you have an estate plan and need to update it, or if you need to start a new plan, contact us if you’re in Illinois or Wisconsin. We can help you protect your assets in retirement and achieve the goals you have for your estate.

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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.