There are many different facets of retirement planning. In order to ensure you, your future income, and lifestyle are ready to retire, it is important to consider your estate plan as well. Continue reading below to learn more about this process and retain the services of an experienced New York estate planning attorney for assistance.
Why Should I Create an Estate Plan for Retirement?
Retiring is an exciting part of a person’s life that they look forward to for a long time. While this is true, there are a number of things that should be taken into consideration while preparing. If you are gearing up to retire, it is a good time to either create an estate plan or update your existing one. The following are reasons why:
- Beneficiary designations: Planning for retirement and an estate plan both involve designating beneficiaries on life insurance, retirement plans, and any pay-on-death designations. Making these plans together ensures you only need to make the designations once for both plans.
- Powers of attorney: When nearing retirement, it is beneficial to have certain powers of attorney in place. This is in case you need another individual to take care of your financial affairs or medical decisions if you cannot do so yourself.
- Complementary planning ensures the right plan is created. By considering your estate at the same time as retirement, you can ensure there are no problems with beneficiaries and inheritances. This is because, sometimes, naming direct beneficiaries of a retirement account can cause problems in the future.
Why is an Estate Plan Important?
Life is unpredictable and no one is able to know what may happen tomorrow. That is why it is important to have a plan in place for the future of your assets as well as your health. Without a detailed estate plan, you will have no plan in place and your estate can end up in the hands of the state. When this happens, it will be distributed based on a succession schedule instead of the wishes you may have had. If you already have an estate plan, it is important to update them every now and then as your life changes. That makes retiring the perfect time to reevaluate your estate planning decisions. Contact an estate planning attorney to provide you with assistance during this time.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.