There are few things more important than planning for retirement. You’ve worked hard your entire life, and retirement is when you can finally reap the benefits of all you’ve sowed. That being said, both estate planning and retirement can be rather complicated, which is why you must continue reading and reach out to our experienced Pennsylvania estate planning attorneys to learn more about retirement and estate planning in Pennsylvania. Here are some of the questions you may have regarding incorporating retirement into your estate plan:
Should I create my estate plan with retirement in mind?
If you are someone who is winding down your time in the workforce and are considering retirement, there are various aspects of your estate plan that should reflect as much. Some of those are as follows:
- Powers of attorney: Creating powers of attorney is something that everyone should do, though this is particularly crucial for all those who are entering retirement. Establishing powers of attorney essentially gives someone you trust the right to handle certain medical or financial decisions and affairs on your behalf, should you ever become incapacitated.
- Beneficiary designations: When creating your estate plan, you will have to designate certain beneficiaries to your estate. That being said, retirement is an important part of your life, which is why you must update any beneficiaries on your retirement plan, life insurance, and pay-on-death designations. Fortunately, you can save both time and money by creating these plans together, having to only make these designations one time.
Why do I need to create an estate plan?
Oftentimes, our firm is asked this very question. The truth is, without a comprehensive estate plan in place, when you pass, you assets may not go where you intended, and the only people to lose out, as a result, are your family members. This is unacceptable, and nobody wants that to happen. Considering retirement when creating your estate plan can save you drastically in the long run, as oftentimes when people simply name their beneficiaries in their retirement account, their families may face serious financial loss as a result. If you are someone who would like to learn more about estate planning, whether you are ready to retire or not, our firm is here to help. Give our experineced Pennsylvania estate planning attorneys a call today to learn more about what we can do for you and your family.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.