Congratulations: your time is now your own! When you exit the grind, it’s a good idea to re-assess your estate plan. After all, some of the assumptions you previously made about assets and needs may have changed. Here are tips from legal experts.
For most of our lives, saving for retirement is a big priority, as is trying to set aside funds for emergencies. At the point of retirement, it makes sense to pause and evaluate your current reality. Perhaps your own health is better or worse then you envisioned as you age. Then too, you may have loved ones who need more or less care then anticipated. Estate planning attorneys advise:
At the time of retirement, people have spent decades accumulating a variety of assets. One goal of retirement should be to reduce the time and care necessary to maintain what you own. This will not only reduce the costs and length of probate for your estate but will also leave your loved ones with as few challenges as possible. During the restructuring, you might also decide to limit problematic assets.
Incapacity begins gradually. Fortunately, by utilizing an array of estate planning tools including power of attorney, trusts, and joint accounts, it’s possible to protect your assets. While no one likes to address the possibility that they will one day end up incapacitated, making sure that you have addressed this possibility can make sure that as much of your assets as possible are preserved so you can pass them on to your loved ones.
As you assess your assets and anticipate your needs, keep in mind that a will is only effective upon your death. If you become incapacitated, a will does not enable the management of your assets by others. That’s why revocable living trusts can be helpful. Trusts are customizable and can include instructions about how your assets are ultimate to be distributed.
If you choose to work with a lawyer and establish a trust, you will designate a trustee to administer it. Obtaining a trustee bond is a good way to protect the interests of the beneficiaries. Essentially, a trustee bond is a type of fiduciary bond that guarantees that the trust will be administered in accordance with the law. It is quick and easy to obtain a trustee bond from leading national provider: Colonial Surety Company. Just get a quote online, fill out the information, and enter a payment method. Print or e-file the bond instantly—from anywhere. Obtain A Trustee Bond Here..
Now is also a good time to update the beneficiaries named on your retirement account and life insurance policies. Keep in mind that these are assets that pass outside of wills. If there have been changes in your family, like births, or deaths, it’s especially important to review your named beneficiaries. As always, take time to communicate with trusted family members and close friends about your plans and how to access needed information and documents. Even though these conversations can be uncomfortable, everyone ultimately appreciates them.
More Tips for Estate Lawyers
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