It is important to understand the many moving parts of your estate plan. When it comes to your retirement, you will want to ensure that you comprehend your options so that you can make sure your assets are protected. Reach out to our firm today to discuss the details of your case and your options. Our Putnam County estate planning attorneys are dedicated to ensuring you and your future are protected. Continue reading this blog to learn more and give us a call to begin this important process.
What aspects of retirement should I consider in my estate plan?
If you are looking to retire, there are two components of your estate plan, aside from your wills and trusts, that you will want to give attention to. They include the following:
- Powers of attorney: Powers of attorney are used for individuals who would like to give a trusted party the right to make important life decisions on their behalf, in the event that they become incapacitated, or are unable to do so themselves. Powers of attorney can permit specific people to handle your finances, make certain key medical decisions, and more.
- Beneficiary designations: If you are beginning to prepare for retirement, one of the most significant things to account for is selecting beneficiary designations, where you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations. With this, you have the option of creating both of these plans together so you only have to go through the process one time.
Why do I need to create an estate plan?
It is important to recognize the significance of creating a comprehensive estate plan. By doing so, you can ensure that your finances and loved ones will be taken care of after you pass away. There is a number of critical estate planning documents available, including wills, trusts, and more. You can also make what is known as an advance healthcare directive, which allows you to entrust certain family members with the right to make critical medical decisions on your behalf if you are unable, such as whether you should go on a ventilator. If you have any further questions about estate planning and retirement, it is in your best interest to reach out to one of our skilled Putnam County estate planning attorneys today. Our dedicated legal team is equipped with the knowledge and experience required to ensure that your estate plan accounts for your retirement. Our attorneys are ready to help, just give us a call.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.