July 12, 2016
Estate Planning for Retirement in Troy
Will and trust lawyers in Troy encourage individuals of all ages to get involved in their future planning. The truth is, though, many people put this important process off until later in life. For some people, an upcoming retirement is the trigger that makes them start to think about the importance of estate planning.
The concerns you will have for estate planning at retirement age can vary somewhat from those you would have had earlier in life. For example, there is a good chance that if you have children, they are grown, and therefore you don’t need to name a guardian for them in your will. On the other hand, you may actually determine that you want to name one or more of your children as the executor of your estate/will or give him or her various powers of attorney.
As you approach retirement, you’ll want to make sure to look at things like who is the beneficiary on your retirement account(s), social security, etc. It’s not uncommon for you to have a previous spouse or other person listed as your beneficiary, when that person is no longer the appropriate choice for the position. Who wants their ex to receive their retirement? Not you, and if you have a new spouse, certainly not him or her, either!
At this point in life, you’re going to want to sit down with a Troy will and trust attorney to put together a comprehensive plan. The lawyer can help you identify the areas in which you need to focus. Generally speaking, though, here are some of the most important places to start:
- Do you have a living will?
- Who is to make medical decisions for you if you are incapacitated?
- Do you have a legal will?
- Who will take care of your finances if you are unable to do so yourself?
- Would you benefit from setting up specific trusts?
- How would your spouse or dependents support themselves without you?
- Do you have any business interests that need to be wrapped up?
- Who has a legitimate claim to your estate?
These are really just a few of the questions a skilled will and trust lawyer in Troy will ask, but they do create a good starting point for thinking in a variety of directions. Retirees do have some unique concerns when it comes to estate planning, so it makes sense to work with someone who has very specific knowledge in that area.
Don’t forget, too, if you are getting the ball rolling with estate planning, it’s a good idea to pass the information you receive along to your spouse, children, etc. A huge number of people in Troy have not yet started their estate planning, and the costs to their estate and their heirs can be huge if not avoided through legal means. There are lots of reasons we put off estate planning until retirement, even though we know it’s not something that should have been ignored. By learning about the process and understanding it better, you can help the next generation get started when they’re still much younger in order to protect their own children and families.