Why More Seniors Need to Plan Their Estate Before Retirement

You’re nearing a new milestone in your life. Retirement is something most older adults dream of. The day they can stop working so hard and simply enjoy the fruits of their labor. Spending more time with family, starting passion projects, traveling, and enjoying their days is at the forefront of their minds. While these are all great things to look forward to, living out your best years won’t be as enjoyable if you haven’t properly prepared.

By this point, it is likely that you’ve accumulated some sort of savings, invested in your retirement account, and perhaps even started reducing your debts so you can live comfortably. Yet, have you given any thought to what will occur should something happen to you? As you get older the risk for serious health problems, injuries, and even death are more likely. Though it’s not something you really want to ponder on too long, it’s best to deal with matters while you’re in good health.
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Estate planning is an essential process that seniors should consider before retiring. Working with a firm like Lawyer in Blue Jeans Estate Planning can help you in the areas listed below:

Passing Down Financial Assets

Though you hope you have many years ahead of you in retirement, you simply can’t predict the future. An estate planning attorney can work with you to ensure you have the proper paperwork in place to pass down your financial assets to your surviving loved ones. Here are some ways they help you transfer assets after your passing:

• Drafting a will - Many people die without having a will in place. This means that their assets will go through the probate process. The courts ultimately decide who gets what. A will, however, eliminates the need for probate and gives your loved ones the access they’re entitled to. 
• Updating Beneficiaries - From your life insurance policies to your retirement and bank accounts, most financial institutions require you to designate a beneficiary who would receive the funds in the event you pass away. Most people apply for these accounts decades ago and have no idea where their money is going. An estate planning attorney can collect all account information to disclose beneficiaries and help you take the necessary steps to update as you see fit. 
• Creating a Trust - A trust is another avenue individuals can take to pass down their assets. It allows you to transfer all of your assets into a trust and manage them while living. You appoint a trustee, who, after you’ve passed will be responsible for making sure each surviving relative gets what you asked for. It too keeps you out of probate court and can save you money on estate taxes.

Planning for Future Care

Right now, you’re in decent health and ready to experience retirement, but who is to say that will be the case in a few years? When you plan your estate prior to retirement, however, you give yourself an opportunity to make arrangements for your care when you’re unable to make decisions for yourself. 

•  Living Wills - A living will is simply instructions on how you wish to be cared for. Should you get sent to the emergency room for an extreme condition, the will can outline whether or not you wish to be revived at all costs. Essentially, it serves as a guide for healthcare providers. An estate planning attorney can work with you to ensure you have a living will in place that best spells out your wishes in the event that you’re unable to speak for yourself (like in the event of a stroke or other disability).
• Healthcare Proxies - If you should suffer a stroke that leaves you unable to speak for yourself, who will be there to ensure that you’re cared for as you want? Healthcare proxies are people you appoint to speak on your behalf about any and all matters relating to your medical care. Even if this person is your spouse, having it documented will make things easier going forward.
• Power of Attorney - If you’re sick or disabled you’re also not capable of making financial decisions. If you plan your estate before retirement, you can appoint someone to take care of financial matters for you. They can have access to your financial accounts to pay medical expenses, household expenses, and more.

If you really want to retire and enjoy yourself, it is important to get the hard stuff out of the way first. Having an estate plan ensures that you have all the necessary documents in place to secure your future and the future of those you love. An estate planning attorney, as you can see from above, can be very instrumental in making sure that you’ve dotted all your eyes and crossed all your tees.