Entering retirement? It’s time to look at your estate plan

| Sep 1, 2020 | Estate Planning |

As you saw the economy take a downturn and people become frustrated when trying to find work, you decided that it was time to retire. You could leave your position and have it open up for someone else, all without it negatively affecting you. 

Now that you’ve made the decision to retire, it’s a good time to look at your estate plan. Estate plans should always be reviewed when you have a major life change, and retirement is certainly one that meets that criteria. 

What should you look for in your estate plan during retirement?

Now that you’re developing your estate plan in retirement, remember to look over your will, check the beneficiaries who are listed on insurance policies and retirement accounts and list out all of your financial information. That way, those who have to take care of the estate will have it there when you eventually pass away. 

It’s also a good idea to take this time to talk to your attorney about lowering the taxes on your estate and otherwise reducing the value of your estate in preparation for Medicaid or other benefits in the future. That way, if you do need to go into a nursing home or receive health care at home, you won’t necessarily have to spend down your personal assets to pay for it. 

Our website has more about entering retirement and why it’s such a good time to review your estate plan. There are many variables to consider in your estate plan, so taking time to build one that is up to date is vital to protect yourself and your assets. The right estate plan does make a difference.