As you begin considering retirement planning, it is important that you arrange your estate plan for your retirement, too. In many cases, estate planning is a heavily neglected element of retirement, and our firm is here to say that you should not make the same mistake. If you are someone who is now looking to retire and would like to update your estate plan to mirror that, continue reading and give our skilled Pennsylvania estate planning attorneys a call today to learn more about estate planning and what we can do for you. Here are some of the questions you may have:
What elements of retirement should I think about in regards to my estate plan?
If you are preparing for retirement, the two main elements of your estate plan you should focus on, are past creating trusts and wills. They can include the following:
- Powers of attorney: Powers of attorney are the ideal way for people who would like to give a trusted party the right to make crucial life decisions on their behalf, in the event that they become incapacitated, or are incapable of doing so themselves. Powers of attorney can allow chosen individuals to manage your finances, make certain key medical decisions, and more, on your behalf.
- Beneficiary designations: One of the most important things to account for is specifying beneficiary designations, which is where you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations. You have the power to create both of these plans together so you only have to do so one time.
Why do I need to create an estate plan?
Creating a comprehensive estate plan is something everyone must do in their lifetime so their finances and loved ones will be taken care of after you pass. There are several different important estate planning documents available, including wills, trusts, and. You can also create what is known as an advance healthcare directive, where you can supply individual family members the privilege to make important medical decisions on your behalf if you are unable to do so, for example, whether you should go on a ventilator or not. If you have any additional questions regarding estate planning and retirement, please do not hesitate to give our knowledgeable Pennsylvania estate planning attorneys a call today. We have helped countless individuals to obtain the peace of mind they need over the years, and we are ready to do the same for you. Give us a call today to get started on your estate plan. We are just one call away.
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